Purchase order & Products in $ or Euros

Hello flynn,

It's wonderful to see your proactive approach in setting up your QuickBooks Online account with multi-currency capabilities. I’m here to help clarify how you can manage transactions in different currencies effectively.

In QuickBooks Online, you cannot assign a specific currency to a product. Instead, to simplify your accounting process, you'll need to manage multi-currency primarily at the supplier and transaction levels, rather than at the individual product level.

To ensure smooth transactions, make sure that the supplier you assign to each product is set up with the correct currency. This way, any transactions, such as purchase orders, you create for that supplier will use their designated currency.

For US suppliers, the conversion to USD for the purchase order is handled dynamically within the purchase order itself. The product cost will be displayed in the supplier's currency, which will be in USD for US suppliers. This method guarantees consistent financial reporting, as all product costs are converted back to the home currency (GBP) based on current exchange rates.

Additionally, QuickBooks automatically updates foreign currency values every four hours using data from Wall Street On Demand, powered by IHS Markit, an information services company. You can make use of this feature or manually enter your exchange rates for foreign currency transactions.

For more detailed guidance, you can refer to the article: Updated foreign currency values.

By setting up your suppliers correctly and understanding transaction-level currency management, you can effectively handle your purchase orders in QuickBooks Online. If you have more questions or need additional assistance with foreign currency management, feel free to reach out. We're here to help you maximize the benefits of QuickBooks Online for your business.