Saving cost of good in euros
US QuickBooks Premier : 2012: Manufacturing and Wholesale
How do I save vendor price in euro? Only to be converted when it is time to pay
70
335
bkfge2uoar4yUOacwZ5xHE
2 Replies
Rustler
Questions asked: 129
Questions answered: 41411
Points earned: 102650
Questions answered: 41411
Points earned: 102650
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
02/06/12 8:54am PST
You can not QB only does accounting in the home currency
The Multicurrency forum is here
If I've helped, mark it solved.
My QB tips Blog >> http://onsale-apparel.com/Rust...
When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.
My QB tips Blog >> http://onsale-apparel.com/Rust...
When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.
02/06/12 10:47am PST
Latest post
If you have multicurrency turned on (Edit -> Preferences -> Multiple Currencies) you can enter your vendor's bills in euros. The thing is that Quickbooks will convert all of the prices into your home currency (probably dollars) based on the exchange rate for that day, but there is a work around if you want the item prices on the bill to be displayed in euros instead of the dollar equivalent. I found it in the multicurrency forum that Rustler linked to.
The trick is to use 1 for the exchange rate (1 euro = 1 dollar) when you create the bill. There's a box at the bottom of the bill where you can change the exchange rate. You then enter your vendor's items (when you create the items, just use your vendor's Euro price as the item cost) and after you finished entering all of the items, you change the exchange rate from 1 to the real exchange rate you want to use for that day. That way Quickbooks only converts the bill's total amount from euros to dollars and leaves the item prices on the bill in euros. If you look at your inventory, it will however calculate the dollar equivalent of each item, based on the exchange rate you used for the bill.
Just make sure that multicurrency is something you want to use because once it's turned on, it apparently can't be turned off. So it might be a good idea to back up your company file before turning it on, in case you decide to change your mind and go back to single currency.
