Record a foreign currency bill with inventory item in QuickBooks

Software: Intuit QuickBooks desktop accounting software

When a foreign currency bill is recorded, QuickBooks will automatically convert the foreign currency value of the inventory item based on the exchange rate set in the bill to a base currency value and update the inventory account accordingly.

QuickBooks transaaction journal

Assuming your base currency is Singapore dollar, you recorded a foreign currency bill with inventory item in US dollar (Example: US$1000 at an exchange rate of 1USD:1.4000SGD), QuickBooks will convert the US dollar amount to a Singapore dollar and update the inventory asset account at SGD1400 automatically.

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