QB Issue Resolution:

Even when using multi-currency most of the records and calculations are going on in the ‘local’ currency converted from the foreign entries.

If you are using ‘inventory’ type items then the COGS will be generated by QB based on the ‘local’ currency average cost of stock on hand.  Inventory values are all stored in ‘local’

If your ‘costing’ is based on direct purchases made in foreign currency then those amounts will carry thru to the P&L – but will be reported in ‘local’.

Resolution for Issue 'If I am using the multicurrency option should my item costing be in us dollars or cdn dollars? My pricing is in us but i am a canadian company.' available: Yes (Solved).
Source: Intuit Community forum.

If I am using the multicurrency option should my item costing be in us dollars or cdn dollars? My pricing is in us but i am a canadian company.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Canadian company
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Error Recovery for Canadian company [Canada]
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