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Dlmm324
Dlmm324
November 24, 2020
Question

Is there a way to set up a supplier as a US$ account. The home currency is CDN and the multicurrecy is turned on

  • November 24, 2020
  • 4 replies
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4 replies

PatriciaT
PatriciaT
November 24, 2020

Hi Dlmm324,

 

Once you have the multicurrency feature turned on, QuickBooks Online enables you to choose among a myriad of currencies when setting up customers and suppliers. I'll be happy to show you how. 

 

 To add a supplier with their foreign currency is a pretty straightforward process.

  1. From the left menu, go to Expenses.
  2. Choose Suppliers, then New Supplier.
  3. Enter the supplier's name and other info.
  4. From the I pay this supplier with ▼ dropdown menu, select the currency you use for this supplier.
  5. Select the Default expense account if you'd like and Save.

You're now ready to record transactions in the currency you pay your supplier with. For more on how to set up suppliers with a foreign currency in the system, check out this article: Add a supplier with a foreign currency in QuickBooks Online

 

I hope this helps! Feel free to stop by if you need anything else.

Mazdak
December 5, 2022

Hello,

Same question, is it possible to set USD as a default currency for all new suppliers so I don't have to manually change in the dropdown menu?

 

Thanks,

Jen_D
Jen_D
December 5, 2022

Thanks for you interest with knowing more about the Multicurrency feature, @Mazdak.

 

At the moment, the system defaults to the Home currency when creating suppliers. The preference to set this to a different currency is currently unavailable. You will need to manually change the selection for now.

 

Here at Intuit, we aim to understand better our customer's business needs within the software. This is why we welcome product suggestions to help improve our products and services. Changes in the program are released based on several factors, so we're unable to provide the turnaround time on when new features are released in QuickBooks. This info is controlled and handled mainly by the Developers Team. 

 

You can share your suggestion within the program by following these steps in a web browser:

 

  1. Click the Gear icon and choose Feedback.
  2. Enter your suggestion for our engineers on the Feedback box.
  3. Once done, press Next to send it.

 

To be updated with the recent and upcoming changes for QuickBooks products, please visit these sites:

 

 

Please come back here if you need further help from us. I'll be right here to help you out with Multicurrency and other QuickBooks concerns.

Fiat Lux - ASIA
Fiat Lux - ASIA
November 25, 2020

@Dlmm324 

As another option, you may utilize one of these services to pay your bills. You may keep pay it in CAD and your vendor will receive the payment in USD.

https://veem.grsm.io/veems

https://prf.hn/l/7gg1NWy

 

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