Claro's avatar
Claro
Experienced User
5 years ago
Status:
New

Multi-Currency: Show inventory purchase price in foreign currency

It is great that MYOB has multi currency but we dont have a field where we can display the purchase price. Like when you buy from overseas and pay in say USD there is no field where you can put this so you have a record of what was paid which we could refer to in future. At present when you create a new order it automatically picks up the landed cost not what we are actually paying the supplier.

I would be nice if a fieled was created under the buying details tab where you can enter the USD price and which it picks up when entering a new purchase order.

 

Inventory
Multi-Currency
  • Claro's avatar
    Claro
    Experienced User
    5 years ago

    Can you please make a provision in the stock items to put in the purchase price in foreign currency. At the moment I am putting it in descriptions under item details which is not ideal. We need a dedicated field to put the price in. 

    When you raise a purchase order this should be in foreign currency as that is what we aree paying and ideally it should pick up the purchase price that has been set in the field dedicated as overseas purchase price.

    Besides we cannot even find out what we paid previously as it all takes it in local currency and that too the landed cost not the purchase price.

    • Caroline_V's avatar
      Caroline_V
      Experienced User
      5 years ago

      Hi Claro 

       

      I don't know if this helps, but I am using AccountRight 2020.2 and I have entered the purchase price in foreign currency into "Standard Cost" for our inventory.  When I create a purchase order from the Stock Alert, it puts the correct pricing in for me at "Price".  Then I change the currency for the PO to "SGD" and the "Standard Cost" shows correctly in the "Price (SGD)" column - so that works well for me.  I also just checked and creating a PO from an Order seems to work this way as well.

       

      The value of the Inventory account on the Balance Sheet seems to work on the "Last Purchase Price" so that seems ok?  I'm not sure if there are any other ramifications of me doing things this way...

       

      (Prior to upgrading I was using the old Premier 19 with a fixed currency exchange rate to convert the foreign currency purchase price into the NZD Standard Cost field and then using that foreign currency rate whenever I created a PO and that worked too.)

       

      I hope this helps.

      Caroline

       

       

       

    • Claro's avatar
      Claro
      Experienced User
      5 years ago

      Hi Caroline,

       
      Thank yous so much. We too are using AccountRight 2020.2
      I put in the foreign currency price in the standard cost field in the items list/buying details. Then I tried to create a purchase order from stock alert but it didn't work.  I also tried to raise a purchase order through purchases and there too it did not work. Am I missing something?
    • Caroline_V's avatar
      Caroline_V
      Experienced User
      5 years ago

      Hi Claro 

       

      Ok, that's strange ay. I don't know if these ideas make a difference, but maybe worth checking to see if we have the same settings:

       

      Starting with the Version, I'm using:  AccountRight Premier NZ 2020.2.2

      Build:  2020.2.23.9038

       

      - Do you have Setup > Preferences > Inventory > "Use Standard Cost as the Default Price on Purchase Orders and Bills [System-wide]" ticked? 

       

      - I also have Live Exchange Rates turned on.  (Setup > Prefs > System)

       

      If anything else comes to mind, I'll let you know.  Otherwise, maybe someone else will know.  Below is a screenshot so you can see:

       

      I really hope this can get sorted for you.  So frustrating otherwise, I know.

       

      I had a workaround for the old Premier 19 which I could tell you about but that seems pointless if you can get it running on this which is obviously the goal.

       

      Caroline :)