I am having a trading company in Hong Kong. Our base currency is HKD for Quickbooks. However we are selling and buying products in different currencies (USD/EUR/HKD). Is it possible to use different currencies in product & services?
At this moment all products we input are recognized as HKD.
E.g. Our company sells various type of custom-made notebooks to customer XX at a fixed price. Customer XX place several repeat orders per month. I have upload all different SKU's of notebooks into product&services with the selling price in numbers. See screenshot.
When I create an invoice to my customer or purchase order to supplier in USD, the selling and buying prices are converted to HKD and I need to manually change the selling prices. E.g. Notebook SKU001 is purchase price 3.00 becomes 0.38 USD. See screenshot.
I could exchange all the purchase and selling prices from USD to HKD at product/service. However I am afraid QB automatically use the latest exchange rates from HKD to USD when I create invoice/purchase orders in USD. If so, we still need to manually change the amounts...
Is there a way to input multiple currencies at product and services to avoid extra workload? If not, what is the best solution?
I am also having this same concern as we sell products both in CAD and USD, and the inability to assign currencies to a product or service is a shortcoming of QBO, and as you mention, requires more work to arrive at the right result.