Neil_TRIARM's avatar
Neil_TRIARM
Cover User
10 years ago
Status:
Archived

Inventory: Standard Cost - Set in foreign currency

In MYOB Premier, it would be really nice to be able to assign a "Standard Cost" in the Item Information window, in a foreign currency. The option should then exist to use this cost as default  Purchase Orders for overseas suppliers.

This would streamline the overseas ordering process by not having to enter the cost of each item manually from an external price list.

An alternative would be a drop down box where the Item purchase currency could be selected, or have it linked to the Primary Supplier fo Reorders field.

 

"Foreign Currency Item cost"

9 Comments

  • SGN's avatar
    SGN
    Experienced Cover User

    I have read a number of posts on this forum, and I am having the same issue.

     

    We use the Standard Cost to store the suppliers price to us. When creating a PO it is a simple matter of entering the qty, item number and printing/emailing to the supplier. In my testing of multi-currency, the system places the Standard Cost into the AUD field and converts to the suppliers base currency which is incorrect.

     

    Surely it makes sense for the Standard Cost to be in the same currency as the supplier that supplies that item?

     

    Please consider implementing a parameter that can be set to allow those of us that track and import supplier prices into the Standard Cost field to fully utilise the multi currency benefits. As it stands, without this we cannot use the multi currency feature as it would mean retyping the supplier cost for every item in a foreign currency supplier. Thanks.

     

    "Allow item standard cost to be in suppliers currency"

    • DanT's avatar
      DanT
      Contributing Cover User

      I agree this is ridiculous configuration.  The exchange rate is constantly moving however supplier prices rarely change yet the way the application has been written you need to manually update this each time you raise a foreign currency order

    • DanT's avatar
      DanT
      Contributing Cover User

      Why has there been no comment from MYOB on this?  It seems like pretty basic and logical funcationality.  Suppliers don't tend to change their prices every fraction of a second like the exchange rates so how on earth do you expect the buy price to be correct if were forced to use the system currency rather than the suppliers currency??

    • Mike_James's avatar
      Mike_James
      Ultimate Partner

      Hi DanT , SGN , can you try creating a purchase for the foreign currency supplier in your HOME (ie local) currency, which will have an exchange rate of 1, then amend the currency to the correct one (and edit the rate if necessary), then record the purchase?

       

      The unit prices created should not change when the currency is changed. This should work in version 2019.4. 

  • Status changed:
    New
    to
    Archived

    Thank you for the idea. Unfortunately, this request has had no support from the community since it was submitted, so we are moving this idea to the Archived status. For more information on Idea Statuses, please read this article: Changes to our Idea Exchange pages