Inventorising International Stock

[mdiblasi]

Hi Users

I'm looking into setting up our inventory and need to know whether it is imperative to set buying prices as there is no section to select currency. Would 'Item Details' be the best place to store buy price for quick reference? What do other people do in these circumstances?

Do you have to set selling prices also, as different clients, have difference pricing and could be more than the A-F (6) options offered.

Look forward to feedback.

[Steven_M · Accepted solution]

Hi @mdiblasi 

Assuming you have all three item options (I buy, sell, inventory) selected for an item, the only mandatory fields would be the Item number, the linked accounts, the tax code when brought and sold. Other fields could, in theory, remain blank or the default ($0.00). In saying that, fields like the Standard Cost in the Buying Details and the Base Selling Price in the Selling Details allows for quicker recording of transactions. This is due to the fact that you are not required to select these on the transaction, it is pre-populated from that information.

In terms of foreign currency situations, most users would enter the local pricing in. This would become the basis of the local currency amount which the foreign currency rate is applied to give you the foreign currency amount.

You also brought up the pricing levels of an item, AccountRight will currently only have 6 price levels per item. This is not able to be updated to include more pricing levels. You would be looking at manually updating the pricing on the invoice OR look into third-party apps that could extend that pricing.