Currency problems

Hi, we just got a version 4 and try to get it working, found one problem. We entered the different currenciesand exchange rates in the currenvy file and our main Currency is Euro, but we got the most material from sources like HK, Japan, GB, Thailand. This means we have also all suppliers with the relevant currencies in the vendor file.

In the items we entered the prices as we buy from the supplier, so for example 300 US Dollar.

Now the problem is, when we want print out the stockvalues in the list at the end the summary is mixed up with all different currencies and not as planned in Eruro( our curency). Do we have to change all values to Euro in the itemsfiles, or is there any trick that the prices of items in other currencies automatically are changed to the euro currency

regards Wolf

are you printing the stock value by using “inventory valuation report” 1001?

if yes, you dont have to, because you can enter purchase invoices in different currencies, and set the currency code in the invoice header, but when posting the stock value (item value) will be registered in your local currency (LCY) the system will convert the values according to the exchange rates you filled.

the prices of the items (purchase price) have no effect on the cost, only posted entries (direct unit costs on purchase line or item journal (positive)

Thanks for the message, but we have started to enter all the stocks not through invoice but in the warehouse/item journals/ with the quantities of products from stock. Seems that if we dont go through the purchasing the system will not recalculate,

We print the following list purchase/Inventory/reports/inventory value

regards wolf

When you enter an item in the inventory journal you are defining NO currency and NO supplier, as this is classed as an INTERNAL alteration the only currency in use is your home currency. When you are defining 300 as you pay 300 USD from a supplier, then the system sees this as 300 EUROS as this is your home currency. When using inventory in this manner you MUST use your home currency. This is not an issue with the system but your understanding of it and what it does. You will need to revalue all of the currency you have booked in in this manner.

Supplier based currency prices only work when the supplier is referenced.

values in item journal can only be in LCY, so they were considered as your local currency.

what costing method are you using?

Thanks for the message, use mostly standard, sometimes FIFO.

So now i changed all prices in the itemcard to the homecurrency Euro, but now have another with it, if i print now the inventoryvalue in financial management/reports/inventory value, still the amount of other currencies is in instaed that the list use the new values from itemcard. How i can change it, that the inventory value only use the itemcard values. How i can go on if Fifo value the value cannot be changed ?

Thanks so much for the help

Wolf

you have to go to

warehouse==>inventory==>revaluation journals and re-evaluate your items according to their real cost

The cost on the item card will only affect “future” purchases or bookings. You must use the revaluation journal on all previous entries as these have come in at the cost you processed them at. You can see these in the item ledger entries from the item card.

Thanks for info it works