A Currency column is displayed on the Vendors tab of the stock file.
The flexibility of this facility enables many different methods of managing foreign currency stock purchases.
For example, on line two (2) above, the Vendor List Price is NZD15.00 and is set at an exchange rate of 1.7650. An additional five percent has been added to provide an estimated cost of AUD8.9235, thus allowing a margin between the estimated cost and the probable actual cost when a purchase order is completed.
|
Remember that stock files are always set up to reflect the most regular purchase. In the example above, although this stock can be purchased overseas at a lower cost, it is normally purchased locally, so the default tax code on purchase is G. When purchased from an overseas vendor, the tax code will reflect what is set on the vendor cardfile, and so changes to X. |
Further information
Multi-Currency Business Analysis
Multi-Currency Transfer From Home Account to Overseas Account