Multi-Currency Purchasing

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General

Multi-currency within LOCATE allows you to purchase items in a foreign currency. When a purchase order is created for a vendor associated with a foreign currency, the order uses the currency associated with the vendor. Last purchase costs (if available) will be reflected in the vendor’s currency based on the currency exchange rate on the purchase order. The purchase order exchange rate is initially set based on Forex exchange data from the last hour.

Activate Multi-Currency Purchasing

To purchase items in a foreign currency, you must first activate multi-currency purchasing in the Purchase Order Settings:

  • Go to Settings > Purchase Orders.
  • Change the Order in Multi-Currency setting from No to Yes.
  • After activating or inactivating the setting you will need to refresh your browser for the setting to take effect.

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Set Up Foreign Currency

You can set up as many foreign currencies as required for use by your company in Setup > Currency:

  • From the list of currencies, search for and click the Name hyperlink for the foreign currency that you would like to activate. This will open the foreign currency record.
To the left of the currency Name, the Quick Action allows you to quickly activate/deactivate a currency.
  • On the foreign currency record, click on the Details tab and then click Edit Details to open the record for editing.
The Precision value for the currency relates to the number of digits to the right of the decimal, defaults to the current standard for the currency, and may be edited by the user.
  • Change the Active setting from No to Yes to activate the currency.
  • Click Save to save the changes.
Each currency must have its own Accounts Payable account in QuickBooks. These accounts are automatically set up in QuickBooks Online, but must be manually created in QuickBooks Desktop.

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Set Up Foreign Currency Vendor

You can only assign one currency to each vendor in LOCATE and you will need to set up new vendors for your foreign currency purchases. The process for creating a foreign currency vendor is the same as it is for a vendor that is created in the home currency. Refer to Create New Vendor for steps to create a new vendor in LOCATE.

  • On the New Vendor page, you should see a new field named Currency that was exposed when you completed the steps to activate multi-currency purchasing in Purchase Order Settings.
  • The default value in the Currency field is the home currency, so you will need to clear this value out and then select the foreign currency value that applies to the foreign currency vendor and has been previously activated in Setup > Currency.
If the foreign currency has been activated and does not show in the Currency list, you may need to reload your browser screen to reflect the newly added foreign currency in the interface.

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Create Foreign Currency Purchase Order

The process for creating and issuing a foreign currency purchase order is the same as it is for a purchase order that is created and issued in the home currency. Refer to Create Purchase Order for the steps to create a purchase order.

  • When you create a purchase order for a foreign currency vendor, the unit and total costs for each line and any discounts or fees that may apply will reflect the foreign currency for the vendor and the currency exchange rate on the purchase order.
    • The currency exchange rate defaults to the most current exchange rate and may be edited by the user.
  • When adding a line item to the purchase order that has a last purchase cost for the site, LOCATE will show the last purchase cost in the foreign currency based on the current exchange rate.
    • The user may either select this cost or enter a different cost in the foreign currency.
    • By hovering the mouse while right-clicking over the line item header, the user can select to display the unit and total costs for each line item in the home currency.
  • Once the purchase order is issued, the currency exchange rate cannot be edited.
The receiving process for a foreign currency purchase order is the same as it is for a purchase order issued in the home currency.

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Reconcile Foreign Currency Purchase Order

The reconciliation process for a foreign currency purchase order is the same as it is for a purchase order issued in the home currency. Refer to Complete Reconcile for the steps to reconcile a purchase order.

  • When reconciling a purchase order for a foreign currency vendor, the unit and total costs for each line and any discounts or fees that may apply will reflect the foreign currency for the vendor and the currency exchange rate on the purchase order.
  • When adding a line to the reconcile that has a last purchase cost for the site, LOCATE will show the last purchase cost in the foreign currency based on the current exchange rate.
    • The user may either use this cost or enter a different cost in the foreign currency.
  • When adding a line to the reconcile that is landable, LOCATE will show the billed and landed costs in the foreign currency based on the currency exchange rate on the purchase order.

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