Question

I have multi-currency; I need to set my services to be in USD, but at the moment they are in CAD and I need to update them manually/line item. Can I set a service to USD?

Forum|Forum|6 years ago
October 17, 2019
2 replies
0 views

Currently I would need to update it each time, so if the service is 100 CAD where I really wanted it to be 100 USD, when I add it to a USD invoice I get ~75 USD and I need to update it to be 100 USD again.

This is frustrating, as I need to remember all of the prices by heart, and if I forget to update a line item, the customer gets 30% off.

QuickBooks Online

L

LauraAB

Hello ika-qb,

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. :)

I

ika-qbAuthor

Hi Laura,

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.

Thanks

L

LauraAB

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.

S

StrugglingStartup

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.