hi,
we buy inventory in USD
but our bank account and most of our customers pay in LBP.
when i generate sales invoices or receive cash and enter inventory items they appear in usd amounts but the currency appears in LBP since my cash account is obviously in LBP
how can i fix that?
it would be very annoying to manually enter prices in LBP
Any help please!
Currencies are set for customer/suppliers, bank/cash accounts, and a few other things, as explained in this Guide: Manager Cloud. They are not set for inventory items, which must be valued in your base currency, because Inventory on hand is a balance sheet account. So when you buy inventory in USD, its value is converted to LBP according to exchange rates set under Settings.
If inventory items appear in USD on a sales invoice, that is because the customer is set up in USD. Change that, if necessary, by editing in the Customers tab. If you deal with a customer in two currencies, you need to create them twice, one for each currency.
The only time you would have to manually enter prices is when you sell to someone in USD (or another foreign currency) rather than LBP. Otherwise, the sales price defined for your inventory item will automatically be in LBP when it comes up as you enter a line item on the invoice.
If this does not answer your concern, please be more specific with your question.
no, im not generating a sales invoice for a specific customer. im only receiving cash and entering the inventory items.
i enter inventory items in dollars since the merchants and suppliers we deal with set all prices in usd
the screen shot above is a cash transaction and i didn’t enter any customer.
and the cash account is in LBP
all of my inventory items are in dollars, how can they be converted once i receive cash from sales
You misunderstand how Manager works. As I told you, inventory items are always priced in your base currency. There is no field for setting currency for inventory items. Whatever numbers you entered as purchase and sale prices for inventory items when you defined them, the program interprets them as being in your base currency. If you purchase from a supplier denominated in a foreign currency or using a cash or bank account in a foreign currency, the numbers that autopopulate are the same numbers as your base currency. They are converted into your base currency based on the exchange rate set. But unless you edit the numbers, the conversion result will be wrong.
Then all figures entered as cash transactions to that account are LBP. There is no choice. You cannot mix currencies in a cash or bank account. If you use mixed currencies, you must have multiple accounts.
No, your inventory items are in your base currency, whatever that is. I realize you did not actually specify your base currency. I have been assuming it is LBP.
The way to accomplish what you want might be as follows:
- Establish bank and/or bank accounts in both USD and LBP. Do this for each type if you transact business from both types of accounts in both currencies.
- If you always buy an inventory item in USD and sell in LBP, enter the purchase and sale price numbers in the inventory item definition as if they were in those currencies. These numbers are only shortcuts for filling out forms. They are not actually used to value the items in inventory. That is done by purchase invoice or payment prices, in whichever currency those transactions are denominated. This step will prevent you from having to edit the price that comes up automatically when creating a sale or purchase transaction.
- Select suppliers or bank/cash accounts in USD when purchasing.
- Select customers or bank/cash accounts in LBP when selling.
- Verify that the autofilled unit prices on transactions are correct for the currency used for the transaction. You must do this for every single transaction.