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AccountRight

Inventory: Allow item standard cost to be in suppliers currency

Experienced Cover User

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13 Posts
Experienced Cover User
Australia
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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"

6 Comments
Contributing Cover User
18 Posts
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

Contributing Cover User
18 Posts
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??

Ultimate Partner
4,548 Posts
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. 

Contributing Cover User
18 Posts
Contributing Cover User

I don't follow. 

 

I'm trying to order items that are setup in the Item Register which prepopulate the purchase price from the item settings but the problem is that it populates the local currency field instead of the supplier currency field.  The only way to fix is to manually type the purchase price into the supplier currency field.  The previous verison of the software v19 functioned correctly but as with many other simple things this basic and logical functionality seems to have been ingored and changed in v2019

Ultimate Partner
4,548 Posts
Ultimate Partner

Hi @DanT , if your standard cost reads 20.00, and you create a purchase in USD, the 20.00 will be converted to some other figure. But if you start with a purchase in AUD, it will come through as 20.00, and will stay that way when the currency is changed to USD. So you can hold a value in the standard cost field which you know is USD, even though AccountRight treats it as AUD. You may need to amend the values you are currently holding in the std cost fields. Try a test example.

Contributing Cover User
18 Posts
Contributing Cover User

Ah ok, I see what you mean.  Yes that does seem to work but it's very illogical like many of the "upgrades/design decisions" that seem to have been made with this version.  Now I just have to remember this trick as I don't raise foreign orders that frequently.  Thanks