I have enabled multi-currency and set an exchange rate of 1CAD = 0.80USD. The base currency is CAD. I then went ahead and created two customers, one CAD customer and one USD customer like so:
I have also set up an inventory item, called TestItem, which has a sale price set at 100.00. Now, when I create a sales invoice for CustomerCAD with TestItem, the following results:
The item pops up with an amount of $100.00CAD which is correct. However, now if I create the same invoice with a US customer (i.e. New Sales Invoice → select CustomerUSD → select TestItem) the following is the result:
Note that the amount shows up as $100.00USD when the actual amount is $80.00USD. It seems that Manager simply takes the sales price set on the item and inputs it into the sales invoice. As we enter a large number of foreign currency transactions, it is not practical to check the exchange rate entered in the system and manually calculate the price for each item. I would have expected the price to auto-calculate using the provided exchange rate, just as it does in every other window I’ve seen.
This is especially important when creating foreign currency quotes for customers on the phone as it must be done quickly as not to annoy the customer. I assume this is a bug, but if it’s just a mistake in the way I am entering something, please let me know.
It is not a bug. It is the way the program is designed. Prices set for inventory items are undenominated. They are just numbers. In that sense, they are only shortcuts for entering transactions and may need to be edited. There is no automatic conversion.
One option is to define inventory kits (with single items) priced in various foreign currencies. Be careful not to accidentally use them for a base currency number.
I am not defending the design, only explaining it. You are not doing anything incorrectly.
This is not feasible as we have over 14,000 items in stock, and 90,000 items listed in the program. (If you’re wondering, no I didn’t not enter them manually, we imported them through the API otherwise that would’ve taken a while.) I appreciate the suggestion though!
If they are just numbers rather than denominated currency values, perhaps @lubos would consider changing this in the future.
I’ve been thinking about this issue myself and will move this topic to the Ideas category. It seems that perhaps the program could take a cue from the currency denomination of the customer or supplier to calculate a price based on the exchange rate.
Exactly what I would have expected the default behavior to be. Pricing for inventory is in the base currency and it is converted (if needed) depending on the customer’s set currency. Thanks!
The implementation of default prices on inventory items is very naive at the moment. It was added more as a shortcut to make it easier for most users to create documents faster. The concept falls apart if you need multi-currency pricing etc.
I agree with this feature request though. It’s something I’d like to improve soon as well.
I have just now face the same problem as @etho and i think the need of the system to auto calculate FOREX it is major on the Sales Price, unless the exact same item could be purchased from different suppliers in different currencies which it is not impossible, but it is a lot less likely to happen than selling in different currencies.
This is an awesome and sooooo light peace of software that improves by the day, great work @lubos
