Multi-Currency Inventory Management for QuickBooks Users

Aaron Thompson
February 2, 2024

In today’s global economy, being able to convert from one currency to another is essential for most businesses. For example, you might have vendors in China and Canada, customers in Europe, and offices in the United States. In that case, you would want to convert Yuan, Canadian dollars, and Euros into U.S. dollars for tax and accounting purposes.

You need to have not only an accounting solution that has multi-currency capabilities (like QuickBooks), but an equally capable inventory management system, as well. The multi-currency features to look for in an inventory management solution include the ability to:

  • Create multiple currencies for use in various orders and reports
  • Assign a currency to each of your vendors, shippers, and customers
  • Update currency values in relation to the U.S. dollar
  • Convert currencies into U.S. dollars
  • Integrate with QuickBooks to track finances in the proper currencies

These bullet points all deserve to be expounded upon, so let’s go in depth on each of them.

Create Multiple Currencies For Use In Various Orders And Reports

This is important because it allows you to receive sales orders and create purchase orders in whatever currency your customers or your vendors use. But at the same time, you can convert them into your own currency for accurate bookkeeping purposes.