In WorkBook, the Price Quote allows setting a different currency per line to display the purchase values in the currency of your suppliers and, as an option, allows you to set the exchange rate for that purchasing currency to override the normal exchange rate predefined in the system.
This value can then be inherited into Purchase Orders and Sales Invoices accordingly.
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CREATE A PRICE QUOTE WITH PURCHASE CURRENCY
Create a new price quote and select the checkbox “enable line level currencies”
This checkbox can also be found under the Price Quote Header called “enable use of line currencies on price quote”
Proceed to the “currency set-up” tab
Click “add new currency” icon to add the relevant purchase currencies that need to be used on the price quote
In the pop-up box select the currency from the available options
Leave the “override rate” field blank if you want the exchange rate to calculate based on today’s automated currency exchange rate, or enter a value if you would like to set/override the exchange rate
Click ok to confirm
Once the currencies have been added, continue to the ‘lines’ tab > click on the sandwich menu and ‘modify grid’
Check that the relevant columns are visible in your grid view
Make sure the following columns have been selected:
Purchase currency
Purchase amount in currency
Add purchase line items, as per the table below:
Purchases currency | Select relevant currency from the dropdown (The currencies must be added to the currency setup tab in order to show in the dropdown list) |
Purchase quantity | Enter the purchase quantity if using, or leave blank |
Purchases amount in currency | Enter the purchase amount value in the selected purchase currency |
Purchases (locked) | Field will automatically populate with amount calculation Note: Exchange rate is based on either the override rate predefined in the currency setup tab, OR today’s exchange rate. |
Purchase total (locked) | Calculates the total, i.e. if the purchase quantity field used this would be calculated by taking the purchase quantity x purchases value in PQ currency |
Extra | Enter extra mark-up value in PQ currency (not the purchase currency) |
Profit margin | Enter if using, i.e. 1.1000 = 10% mark-up |
Amount | Calculates the total per line in the PQ currency: (Purchases total x Profit Margin) + Extra |
Add remaining line items and complete/approve price quote as per usual process
CREATE PURCHASE ORDER USING PURCHASE CURRENCY
There are two options to create a Purchase Order in the purchase currency that is set on the relevant Price Quote.
Option 1: Copy purchase data from a price quote
Create a new purchase order and select the option “copy purchases data from a price quote”
Click ok to confirm
In the pop-up, select the relevant price quote from the dropdown
Select the checkbox on the relevant line items that you want to create POs for
Under the “copy method”, select the option “create a new PO for every line currency and PQ supplier combination for the selected data”
then select the preferred profit margin option and relevant header activity
The resulting purchase order value will be displayed in the purchase currency
IMPORTANT: If the override rate is used under the currency setup tab in Price Quote.
This option will use the override rate to convert the amount in PO currency (e.g. EUR) into company currency (e.g. AUD) and will adjust the PO profit accordingly so that the sales price on the PO is equal to the amount of the relevant purchasing line on the PQ.
Option 2: Create a new PO from scratch
Create a new purchase order and select the option to copy from “nothing”
Then select the relevant purchase currency and click ok
Manually enter the agreed price in the purchase currency (or go to the details tab if the option “enable unit amount specification on purchase order” is turned on - System Variable 1037).
Complete/approve PO as per usual process.
IMPORTANT: This option will ignore the override rate entered under the currency setup tab in Price Quote. Instead, it will use Today’s exchange rate for the calculation.
CREATE INVOICE BY COPYING DATA FROM PRICE QUOTE
Price Quotes can be copied into invoices as per the usual process, the purchase values will be copied over as per the price quote currency and the exchange rate will remain the same as the price quote.
Select price quote to copy to invoice:
Values are copied into the invoice according to the price quote currency