I appreciate how needing to remember the change the amounts to what they need to be can cause confusion and mistakes. I want to make sure you have a sense of how the inventory and service features in QuickBooks Online.
QuickBooks' products and services are configured in Canadian currency and cannot be changed to another. So when you say you've configured your services in $100 USD, it's actually set up in $100 CAD, which is why the conversion is happening on the forms to your customers.
With that in mind, setting up products and services that are purchased in USD or that are being sold to USD customers exclusively means doing the conversion to CAD and entering the CAD amount into the setup. That way you can be sure the conversion calculates correctly on your forms.
Here are some articles about products and services as well as multicurrency.
I hope that helps! Let me know if you have more questions. :)
Thank you for your reply.
I have contracts with companies in USD, and therefore my product needs to match $100 USD at all times.
The issue here is, that if I calculate that the rate is 1 USD to 2 CAD (for example), and I set the product price to 200 CAD (to match 100 USD), tomorrow the rate would be 1.95 and would put me at 102 USD. Something like that would not be accepted by my customers, and of course, the other way around would cost me money.
The reason I'm asking this is that I moved from Freshbooks to QB, and it's an out of the box feature there, it seems really odd that I can't set up different currencies for my products :( we work with foreign customers, and they expect to see USD on their bill, with the same product cost each time.
I hear what you're saying. In light of this, I encourage you to submit feedback through the Gear icon in your account. Feedback left here is sent to our product developers to be taken into consideration for future updates to QuickBooks Online.
In the meantime, updating the costs of the products and services will ensure the amounts are correct. You can also take a look at our partner apps through the Apps tab in your account to see if there's a product/service management system that meets your needs. Simply use the search bar and keywords to find what's available.
The feature is not available yet in QBD US version nor QBO US version. I am not sure it will be available in other regions in the near future. If you are a wholesaler company and need to manage multi pricelists for your resellers, consider having an additional app to integrate with your QBO account.
I hear what you're saying about the length of time between this initial post and now. If you've been among those that have submitted feedback, I appreciate it! I know having some movement or traction is always nice to see when you do that, and I can shed some light on how this process works.
I can definitely see how this option of setting up products and services in USD still not being an option would impact a business. When feedback is submitted via the Gear icon, the comments are forwarded to our product development team for consideration. The team reviews these comments as they go about adding new features or enhancing existing features in the software so that we can continue to offer a solid service for our customers.
The best way to keep on top of new features in the software is via our QuickBooks Online Feature and Product Updates page. Our team adds information about new features there when they become available, so you're welcome to bookmark it and check on it from time to time.
In the meantime, please don't hesitate to check out product and service management apps that might be available to connect with QuickBooks Online via the Apps tab in product.
I hope you have a great rest of your day!
Feedback from QuickBooks users is important to us and makes a difference as the team continues to develop the product. Without knowing how users are working with the program and what would help make their bookkeeping even easier, QuickBooks would not be what it is. There are some features that take longer than others to address for a variety of reasons, and our development team doesn't reach out directly about whether they will be or not. That's why our feature and product update page can be a big asset for those working with QuickBooks to stay in the know of what changes are coming about.
I know you need to evaluate the services you're using for your business and how much of a positive impact they're having on your work. I definitely encourage you to do that so you can make whatever decision you feel is best for your business.
Chiming in with my need for this feature. (Unfortunately, this is the second time I've needed to do this today. The list of things that QBO doesn't do is rapidly growing.)
I need the ability to price my services at a specific CAD or USD amount. That is, one service could be priced in CAD and sold to Canadian customers; a different service sold to US customers, priced in USD. I don't require the ability to have fixed CAD and USD prices for the same services.
Right now, it looks like I need to enter or override the amount or currency in every USD invoice, which is a lot of effort that I had hoped to avoid by switching to QBO and its supposed multi-currency support.
Yes, I have filed feedback.