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brogr
December 7, 2021
Question

"Sales price/rate" in multi-currency

  • December 7, 2021
  • 1 reply
  • 0 views

I've multi-currency enabled, but "Sales price/rate" on "Products and Services" is still only available in one currency. Is there a way to have currency-specific sales rates?

1 reply

M
mv32
December 7, 2021

Yes, there's a way to have currency-specific sales rates, @brogr.

 

Let me share some insights about how multi-currency works in QuickBooks. Once you activate the Multi-currency feature in the Account and Settings, you'll now have the option to choose a currency for new customers and vendors.

 

In that manner, you're able to sell the product and services to a particular currency.

 

Here's how to add a new customer with its currency:

  1. Go to Sales and then select Customers.
  2. Click the New customer button.
  3. Under the Payment and billing tab, select the customer's currency in the This customer pays with me drop-down.
  4. Hit Save.

 

So when the time you create sales for that customer, that specific customer will be using their currency to pay you. You can also manually adjust the amount of the products/services on the Rate column.

 

For more information about setting up the kind of money your customers pay you, you can check out this article: Assign a foreign currency to a customer in QuickBooks Online.

 

Furthermore, here are other details about how Multi-currency works in QuickBooks.

 

Keep in touch if you have other questions in mind about managing your sales from other regions. I'm always ready to extend my hand. Have a good one.

B
brogrAuthor
December 7, 2021

Sorry, but that's not what I meant: the value entered for a service's rate doesn't change according to the currency as it's a fixed number. If a service's rate is set to "100" it will be "100" regardless of the currency, won't it? But e.g. 100 NOK is not the same as 100 USD.

G
GebelAlainaM
December 7, 2021

Hello there, @brogr.
 

I appreciate you coming back to the thread to add extra details about your concern. With this, I'll be sharing some information about your concern.
 

The option to set another currency when creating a product or service is unavailable. That's how multi-currency works in QuickBooks Online.
 

When you set another currency, it should be in the transaction itself, not in the product info. You can also follow the information given by my colleague. Make sure that the exchange rate is correct for your transaction. 
 

You can read this article if you want to get answers to frequently asked questions about using multi-currency in QuickBooks Online. 
 

I've also added this article if you want to know how to record the advance payment received from customer. 
 

Feel free to post a reply if you have additional questions or clarifications on how multi-currency work in QuickBooks Online. I'll be around. Have a good one!

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