Dears,
Kindly need your advice in this scenario:
Company in Romania using RON as the default currency
But inventory items I’m trying to create now are in EURO
then when I want to make sales quote I need to show both currencies
can anyone help?
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Inventory items do not have a currency
I presume you mean you want to quote using two currencies
I don’t think this can be done - but you could always use the line description or a custom field to add the extra information
Inventory items only use the base currency. Forex can be used for Suppliers, Customers, Bank Accounts, etc. as per guidelines Use multiple currencies | Manager
So you can purchase and sell in a foreign currency, but eventually all will be summarised for accounting purposes in the base-currency with automatic foreign exchange gains (losses) calculated based on your Settings → Exchange rates, because your tax authorities will not accept submissions in forex.
How to make the Sales Quote in a different currency?
It is in the guides. To help you can only sell in a foreign currency by having a Customer registered with that different currency. So if you would have a customer that buys in both RON and EURO then you need to create that customer twice (you could add to the name for example Customer 1 (EUR) and Customer 1 (RON).
I tried but still conversion not happening … giving me the value of Euro but currency showing RON
Post copies of the edit screens of the transactions concerned - Customer, Sales Quote, Inventory Item, Exchange Rate
Corrected based on
Also note that a Sales Quote will not show any change in inventory quantity, only Invoices and Receipts and Payments do.
I assume:
- That you set a base currency, in this case RON
- That you created a foreign currency, in this case Euro,
- That you entered the exchange rate
- That you created a customer with Euro selected as currency
- That you created a Sales Quote for that Euro customer, it should show something similar to below
View screen
Edit screen
The inventory will have changed the number of items and the amount, where the amount is expressed in the base currency (in this case RON)
You edit screen shows test client using RON, so why expect Euro?
Base Currency is Euro
The price on the sales quote will default to the number on the inventory item - it will not be converted to the currency of the quote. You will have to do this manually
Any possible chances to be considered in the next update?
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I doubt it but only Lubos can answer that
Let me expand on the correct information @Joe91 gave you in post #12. The purchase and sales prices in an inventory item definition are actually not in any currency at all. (This is a little different from what @eko told you.) They are just numbers that are shortcuts for automatic form completion. They mean nothing within the program until a transaction is entered in some currency. Then, they are interpreted as being in that currency. So Item A with a sales price of 100 will be interpreted as 100 Euros or 100 RON, depending on the customer involved.
If you frequently quote, buy, and sell in different currencies, it is often easiest not to enter any purchase and sales prices for inventory items. Simply add them in whatever currency you are working in for the customer or supplier.
Supplier sell me products by EURO then I deal with 2 types of clients
1- B2B by Euro
2- B2C by RON
so my only solution as i think is to have conversion process in Sales Quotes
But thank you for the reply.
This is very confusing, in your first post you said:
However, you now say base currency is Euro. So what is it, in which currency do you submit the companies statements for tax purposes? That should be your base currency. I explained the 5 steps that you need to check to be able to pay and receive payment in Euro and in Ron.
not for tax purposes, but the owner of the company following this system and need the 2 currencies to be clear in the sales quotes, which is a little bit new for me to apply in Manager IO and I tried but reached no where, So God help
Any help is appreciated from anyone, Thank you
There is no way to show values in Euro and RON except by using custom fields and entering the two values manually each time
This could lead to problems from errors in the manual calculations and entry and of course does not take into account any exchange rate changes.
It is a bit odd to quote both currencies - what is the justification for that?
I face the same problem as well. The problem isn’t with the display, it’s that the price carried over from inventory item to the invoice is wrong.
@Tut touched on this by explaining that the prices in inventory items is not denominated in any currency. This isn’t a problem when you only deal in 1 currency but once you trade in multiple currencies, this becomes a problem.
For example let’s take this real world case:
- Say I operate in Bahrain and regularly sell to it’s closest neighbor the KSA.
- My base currency is BHD and customer currency is SAR.
- 1 BHD = 10 SAR, which is a whole order of magnitude.
- My best selling item X is priced at 10 BHD.
Now whenever I invoice an SAR customer the price changes to 10 SAR when it should have been 100 SAR.
This loss of 9 BHD (90 SAR) per unit sold is a problem.
To avoid these kinds of costly mistake, the only available choice is to either walk on eggshells when creating foreign currency invoices or just avoid using the inventory pricing feature which is exactly what I am doing right now.
Possible solutions could be to:
-
Set all prices in base currency and add editable conversion field in the lines. It’s prefilled based on most recent exchange rates but the user could still override the auto exchange rates as proposed by @Yaser.
-
Introduce pricelists feature (which is a very popular user request) and make it possible for the user to set different currencies for each pricelist. This is would be my choice if I had a say in this.
Or in case these solution will not implemented:
- Stop prefilling foreign currency invoices with baseless prices.