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R
robert18
April 6, 2019
Question

How can I use the P&S "purchase price" when I buy in a for. currency? I buy my widgets in USD and sell in CAD. my POs populate my purchase price in the wrong currency.

  • April 6, 2019
  • 1 reply
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1 reply

Kristine Mae
Kristine Mae
April 7, 2019

Hello there, Robert18.

 

Once you create a transaction using a different currency, our system will convert the amount to your home currency. You're unable to change it to a different currency once you've set up the default. Though, you can always view 2 different amount in the transactions (home currency and foreign currency).

 

You can refer to the screenshot below.

 

 

If you have further questions, don't hesitate to let us know. 

    R
    robert18Author
    April 8, 2019

    Thanks, I'm not sure I'm conveying the right question though.

     

    Let me set the scene:

    My home currency is CAD, I live in Canada.

    Supplier is WidgetMaker and he is in the USA and sell to me in USD. I have set his Supplier profile to indicate that I buy from him in USD.

    I have entered Widget into QBO as an Inventory item in the Products and Services page.  As my home currency is CAD, I enter my sales price as $10. I enter my purchase price as $4 (which represents $4 USD, as I can not predict the exchange rate, but I do know that he always wants $4 USD for each widget I buy) and my preferred supplier as WidgetMaker.

    Here's were the trouble starts - I start a new PO for Widgetmaker and select Widget from the Product/Services. It populates with the correct description but enters $2.99 USD as the buy price. $2.99 USD = $4 CAD. 

    How do I either:

    1) select the currency that i purchase products in on the P&S page, or

    2) have QBO recognize that when I select a prefered supplier that I am enter the purchase price In that suppliers home currency

     

    Any suggestions? It really defeats the purpose of entering a purchase price if i have to re enter it on the PO.

     

    Thanks

     

      R
      robert18Author
      April 8, 2019

      Or perhaps being able to create a COS account in a second currency?

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