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I need helps on cost of goods sold. My company imports products (a number of SKU) from manufacturer in Japan on FOB terms and engages a logistics company in Hong Kong for international shipment. My company pays Japanese Yen to the manufacturer and Hong Kong Dollars to the logistics company.
So the cost of goods sold is comprised of 2 bills which are settled in different currencies. Please advise how to record this in QuickBooks? Thank you!
I'd be glad to help you input your bill in QuickBooks, @Top Sake.
You can turn on the Multicurrency feature first, then create two vendors. One with the Hong Kong Dollar and another onw with the Japanese Yen. Then, create a wash account with both currencies. These accounts are created to properly manage the conversion when matching with the bank feeds.
Here's how:
Step 1: Turn on Multicurrency feature.
I've added a screenshot for your reference:
Step 2: Create two vendors with the Hong Kong Dollar and Japanese Yen.
Step 3: Create two separate bills for both currencies.
Here's how it looks like:
To create the wash account, I'd recommend checking out to this article for the detailed steps: Add an account to your chart of accounts in QuickBooks Online.
For more information about the Multicurrency feature, you can review this article: Turn on and use multicurrency.
To record the payments and match it with the bank transactions in the future, please check out these articles:
I'll be here if you need further assistance or if you have other questions. I'd be happy to answer them for you. Have a beautiful day ahead.
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