Add Foreign Currency Prices to Inventory and Service Items
To set up your company to conduct
business in a foreign currency
Step 1: Add exchange gain/loss account for foreign currencies
Step 2: Set up foreign currencies
Step 3: Add foreign currency bank accounts
Step 4: Choose linked accounts for foreign currency transactions
Step 5: Link a currency to a credit card to track customer credit card sales
Step 6: Set method of pricing inventory and service items
Step 7: Add foreign prices to inventory and service items
Step 8: Add foreign vendors
Step 9: Add foreign customers
If you chose to use the exchange rate to calculate foreign prices when you set up the method for pricing inventory and service items, skip this step.
To add prices in foreign currencies to Inventory and Services Items:
- In the Home window, click the Inventory and Services icon.
- All of your inventory and service items automatically use the exchange rate to calculate prices in new currencies. Open the record of an item for which you want to add a fixed price.
- Click the Pricing tab and select the currency from the list.
- You can set a price for any (or all) of the price lists. To change a price:
- Change the Pricing Method to Fixed Price.
- Enter a price.
- Close the item record. Repeat steps 2-4 for all the items for you which you want to set a fixed price in a foreign currency.
Note: If you buy an item from a foreign vendor, you should consider whether to add import duties to the item record.