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Level 1

When creating a stock item in OMR I am getting the error "Transaction can only have one foreign currency" How can I resolve?

 
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Best answer September 27, 2020

Best Answers
QuickBooks Team

When creating a stock item in OMR I am getting the error "Transaction can only have one foreign currency" How can I resolve?

Thank you for getting back, @shanakada.

 

Yes, setting up all accounts to LKR, then update the asset account to USD may cause issues with your reports and transactions. The best way you can do for now is to manually convert the USD amount to LKR, then input it under the Amount column when recording purchase orders or when buying stocks. In this case, you need to create a vendor with USD currency to enter the USD amount. 

 

A purchase order is a non-posting transaction that state an intent to buy the products or services. That said, it's effect won't directly be realized unless you create a bill (expense) or any posting transactions. This article is for QBO SG but it contains information on how to record income and expenses with a foreign currency. You can check it out as your reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

 

I'm also adding these handy links to learn more about multicurrency and the exchange rates features:

 

Add a comment below if you have additional concerns. I'm here to keep helping. Have a great weekend!

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3 Comments
Moderator

When creating a stock item in OMR I am getting the error "Transaction can only have one foreign currency" How can I resolve?

Hi, shanakada.

 

To avoid getting the error "Transaction can only have one foreign currency" when creating your stock item in OMR, you might want to double check that your Inventory asset account are in the same currency with your Income and Expense accounts.

 

Here's how to check it:

 

  1. On your Product/Service information, go to the Inventory asset account.
  2. Make sure to select the home currency account from there.
  3. Hit Save and close.

I'd suggest visiting the links below. These will provide you more information about restocking and tracking your items in QuickBooks Online. Also, you'll find some tips about handling multi-currency and adding foreign accounts.

 

If there's anything else that I can help you with, let me know in the comments. I'll be here to help. Take care!

Level 1

When creating a stock item in OMR I am getting the error "Transaction can only have one foreign currency" How can I resolve?

Thanks Karen for your answer. This is my scenario.

LKR is my home currency. I buy stocks in USD and In LKR. I want for the stocks that I buy in USD to issue Purchase Orders in USD. I sell the items in LKR. Hence I setup those assets as attached.

 

So is it possible to set the Asset as a USD account and get the income to a LKR account. This is what I was trying to do. Since it gave an error I found a workaround to do this. I setup all accounts in LKR and then later change the Asset Account to USD. Though I was able to setup the asset this way, it seems it does not work properly when I try to issue a purchase order.

 

Hence in this case what is the recommended way to do it in QBO.

 

Thanks

Shanaka

 

QuickBooks Team

When creating a stock item in OMR I am getting the error "Transaction can only have one foreign currency" How can I resolve?

Thank you for getting back, @shanakada.

 

Yes, setting up all accounts to LKR, then update the asset account to USD may cause issues with your reports and transactions. The best way you can do for now is to manually convert the USD amount to LKR, then input it under the Amount column when recording purchase orders or when buying stocks. In this case, you need to create a vendor with USD currency to enter the USD amount. 

 

A purchase order is a non-posting transaction that state an intent to buy the products or services. That said, it's effect won't directly be realized unless you create a bill (expense) or any posting transactions. This article is for QBO SG but it contains information on how to record income and expenses with a foreign currency. You can check it out as your reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

 

I'm also adding these handy links to learn more about multicurrency and the exchange rates features:

 

Add a comment below if you have additional concerns. I'm here to keep helping. Have a great weekend!

View solution in original post