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merxIT
July 5, 2019
Question

Inventory Item Purchase Price in another currency

  • July 5, 2019
  • 3 replies
  • 0 views

I'm using QB Desktop Enterprise Canadian Version and multi-currency is enabled with CAD being our native currency. I am looking for a way to store the cost of an inventory item in USD. We purchase items from vendors in USD and when we create a new PO, I would like to see the USD dollar taken into calculation regardless of what the exchange rate is set.

 

Please see the following thread for the same limitation in QBO.

https://quickbooks.intuit.com/community/Do-more-with-QuickBooks/How-can-I-use-the-P-amp-amp-S-quot-purchase-price-quot-when-I/m-p/338494/highlight/false#M450

    3 replies

    L
    LauraAB
    July 5, 2019

    Hi merxIT,

     

    Thanks for reaching out about this and sharing what you'd like to see regarding your inventory purchased using the USD vendor. I'll help clarify how this works in QuickBooks Enterprise.

     

    Like QBO, QuickBooks Enterprise records inventory using the home currency. I see how this can cause problems when you need to account for the USD cost amount from your vendor and recommend submitting feedback through the Help menu using the Send Feedback Online tool. I see you asked my colleague what kind of turnaround times can be expected for these matters, but I don't have any information I can share about that.

     

    As a workaround, you can calculate the exchange the program and then manually enter the CAD equivalent into the Rate field when making a purchase order. The transaction will show you the exchange rate and USD total so you can verify the details as needed. The standard inventory system uses the average cost system and will work it out as needed. If you have Advanced Inventory set up, it uses the FIFO (first in, first out) method for calculations. I realize this isn't ideal, but I want to make sure you're able to accurately account for your items in the meantime if you decide to stick with us.

     

    Let me know if you have more questions about that.

    M
    merxITAuthor
    July 8, 2019

    Hi Laura,

    The suggested workaround is unacceptable to us, like many other wholesalers that purchase from vendors in USD and doesn't want to hand key item cost on every single line item on Purchase Orders. We are currently using an off-the-shelf legacy system that is on life support and even that product has this functionality.

     

    I've posted the following on the other topic and was told you will provide a response, so I am hoping you can help me understand the following which will allow me and my CTO make a better decision to keep or drop QB:

    1. How long (in days) is the typical review time for a product enhancement idea?
    2. How are these enhancement ideas categorized and prioritized?
    3. What does a typical upgrade/patch/hotfix cycle look like? Every month, quarter, year?
    4. Does Dev expedite mission critical features that are missing from the platform?
    5. Is there a place (i.e. portal) for customers to be informed of the status of their product enhancement ideas?
      L
      LauraAB
      July 8, 2019

      Hi again merxIT. I hear what you're saying and how having the ease of the program making the calculations for you would be great. If you have another product that can help you with this process, that's great and I encourage you to go with what's working for your business since QuickBooks Enterprise doesn't have the capability at this time. Another option is to take a look at which apps pair with QuickBooks Enterprise that can help you with this system. I've pulled up a search page of inventory apps that connect with QuickBooks Enterprise for you. What you're using may even be able to connect. Check out these options and if you find one you like, I recommend getting in touch with the app developer for more information.

       

      As I mentioned in my last response, I don't have information about timelines for product enhancements, updates, or other product development processes. I appreciate wanting to know this information, but it's not something I can provide.

       

      Let me know if there's anything else I can do for you.

      B
      brynjmm
      January 24, 2020

      This is the same issue we are having. Buy in USD and CAD and sell those a mixture of USD and CAD purchased products to both countries on one invoice. True GP is not calculated because of this.

        S
        Studio NH
        June 15, 2020

        OMG  - SAME issue!!! I just bought Quick Books Online and I buy my products in EURO and just realized this limitation on my first purchase order.  How lame!! Not much of a accounting/inventory system.

        Fiat Lux - ASIA
        Fiat Lux - ASIA
        June 16, 2020

        You may need a 3rd party inventory management app to track the cost in the original currency  

        J
        JB1976
        November 5, 2024

        I've been asking for this for years, for an accounting software that has the ability to do multi currency this should be simple. Along with other basic functions eg. Search bar in the pricelist field so you don't have to scroll or upload pricelists rather than adjusting 1 by 1.

         

        Quickbooks, if you want to play in the field of inventory then have these basic functions. 

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