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Q1234
March 16, 2021
Question

How to handle sales in CAD when the inventory is purchased in USD

  • March 16, 2021
  • 1 reply
  • 0 views

What is the best way to handle sales in one currency when purchased in another?  It has been suggested we need to set up a duplicate of our supplier, one for each currency, then record those purchases in CAD but there must be a better way. We only purchase in USD but sell in both USD and CAD. 

1 reply

DivinaMercy_N
DivinaMercy_N
March 16, 2021

I've got some steps that will help you handle sales in one currency with another in no time, @Q1234.

 

As long as the product was purchased on a USD vendor and the Multicurrency is on, the exchange rates or difference in value will be automatically calculated. Here's how to enable the Multicurrency feature:

  1. Go to the Settings icon and select Account and Settings.
  2. Hit Advanced.
  3. Click Edit in the Currency section and choose your Home Currency. 
  4. Tick the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  5. Then, Save and close.

 

Then, to add currencies you use, please proceed to Add currencies section of this article: Turn on and use multicurrency.

 

I've also added this helpful source where you can browse topics about how multicurrency works in QBO. To get started, please head to the Learn about multicurrency in QuickBooks Online page. 

 

If you need further assistance in handling sales from one currency that was purchased from another, please leave a comment below. I'm always around to help. Have a great day ahead. 

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