How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

I have created the customer. product and account in Lao kip, but when creating an expense it defaults to usd.  How do i change the preferences to show the correct currency when entering an expense?

Answer

Hi greg, hope that you've been well!

I resonate with Malcolm's comments that the correct way to create transactions in a foreign currency is to create a supplier and have him configured to be paid in the required currency. Selecting this supplier while creating your Expense or Bill would automatically change the currency of the transaction to the currency was assigned to the supplier. THe same idea also applies to creating foreign invoices for customers. Setting of foreign currency amount for Products & Service is not a feature that QuickBooks Online has.

Here's how you can do so..

To record transactions in a foreign currency, please first make sure that you've set your home currency correctly before proceeding to turn on the multicurrency features
1.) Click on the gear icon at the top right hand corner
2.) Select Account and Settings
3.) Click on Advanced from the left hand  panel
4.) Look under Currency
5.) Set your home currency and save first first as you won't be able to change this after turning on multicurrency
6.) Check the box to turn on multicurrency

Just wish to also highlight that an existing customer or supplier's currency can't be changed so a new one would have to be created

To create a customer in a foreign currency
1.) Click on Sales from the left side bar
2.) Select Customer
3.) At the top right hand corner, select New Customer
4.) Click on the Payment and billing tab, from there you can choose what currency you like that customer to pay you in


To create a supplier in a foreign currency
1.) Click on Expense from the left side bar
2.) Select Supplier
3.) At the top right hand corner, select New Supplier
4.) At the bottom right of the menu that appears, choose the currency you like that supplier to pay you in

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