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GJB37
February 19, 2020
Question

QBO Opening stock - not purchased in home currency

  • February 19, 2020
  • 2 replies
  • 0 views

Hi 

I am presently setting up QBO.

I have turned on Multi-currency as we purchase our stock in USD and sell in £ and €.

I have inputted all our SKUs and now want to put in the opening stock balances, qty on hand at 01/12/19 and USD/£ rate (manual) .

 

Where/how to I put in the corresponding USD rate for the 01/12/19?

What is the best way to record my opening stock qty on hand at 01/12/19?

 

Your help would be greatly appreciated.

Thanks

 

 

2 replies

Fiat Lux - ASIA
Fiat Lux - ASIA
February 19, 2020

You can utilize the importer tool to import the stock

https://transactionpro.grsm.io/qbo

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

Unfortunately the template does not support multi-currency yet

NameTypeUnitPriceSKUQtyOnHandInvStartDateInvAssetAccountSalesDescriptionTaxablePurchaseDescriptionPurchaseCostIncomeAccountExpenseAccount
HandheldsNonInventory100    Portable Game PlayerYPortable Game Player50Product SalesPurchases
SoftwareService59.95    1 Year WarrantyY1 Year Warranty32.5Product SalesPurchases
Extended WarrantyService29.95    1 Year Extended WarrantyY1 Year Extended Warranty15.25Product SalesPurchases

 

G
GJB37Author
February 19, 2020

Thank-you  Fiat Lux Asia

 

However, I have all the SKUs already in and am about to put the qty's in.

 

However my main issue is the historical USD rate for 01/12/19 that I need to put in against the GBP (home Currency) rate to value the opening stock correctly.

 

It was easy to do in the old desktop version but I can't find the same option in QBO.

 

many thanks.

Fiat Lux - ASIA
Fiat Lux - ASIA
February 19, 2020

@GJB37 

If you really want to record the real cost in USD, consider using an inventory management.

A
Ashleigh1
February 19, 2020

Hello GJB37, 

 

When you create the stock in the product and service section, click on edit on right hand side> under quality on hand you have the option to click starting value there for that stock item and save. 

 

Stock is always in the home currency, you cant change this. 

 

Cant put multi-currency on the stock, you have to create a transaction for example a expense or bill then can convert it to the currency you want so the USD rate and you can put the date as the 1/12/19. However you need to set up a supplier or customer in the USD currency first. 

 

 

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