Inventory FX values and custom transactions rates

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MYOB Product Manager clinteidelman
28 Posts
MYOB Product Manager
Australia
MYOB Product Manager

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Inventory FX values and custom transactions rates

I received some multi-currency questions today from Jody Burton, one of our MYOB certified consultants who has a lot of experience in multi-currency accounting across various packages. She's been testing out multi-currency in Clearwater Premier and given I've had some of these questions before, I thought I'd answer them here in the MC forum. My comments in green

 

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HI Clinton

 

I am just looking at Clearwater with Multicurrency now so that I am across it a bit before I test with my client and I have the following queries:

 

FX Inventory Items

– is the Last Purchase Price in the Fx currency or the local currency?  Is the intention to eventually show both the local and FX prices? 

All inventory values, such as Last Purchase Price, are tracked in local currency. If we get a lot of customer feedback to display foreign values as well, we'll absolutely consider this.

 

Updating  exchange rate

- In order to update the exchange rate at each step of the process ie, entering PO, changing to Bill, applying payment is that only possible by going to the list menu, choosing the currency and updating there?  If so, is the intention further down the track to enable this update to happen from within the transaction window?

In every transaction window there is a currency row. This row allows you to quickly change the currency for the transaction. There is also a blue 'zoom' arrow to the very left of the currency line which opens a window where you can set a custom exchange rate ie. a rate specific just for that transaction

  

Regards

 

Jody Burton  - The Bookkeeping Factory

 

MYOB Certified Consultant  | Xero Partner | Quickbooks Online Certified Pro Advisor

Certificate IV Financial Services (Accounting)

Member Institute of Certified Bookkeepers (ICB)

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AdeleKaye
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Cover User
Australia
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Re: Inventory FX values and custom transactions rates

For an Inventory Item, I would really like to be able to record the FX amount in the standard cost field, instead of the AUD conversion amount.  This will mean that I don’t have to re-enter the cost price for every single item when creating a purchase order or bill for a foreign currency supplier, which will save me a lot of time. I would also like to see the last purchase price in both currencies.

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