I am with a Canadian company, that purchases some inventory items in USD for use in our manufacturing. I noticed when entering an item that the cost entered $12.50 is converted to $9.17 when it is entered into a purchase order, which we then have to manually update. I know it considers the 12.50 entered into the item card as the default currency (CAD) and converts it to USD because the company we order from is a USD vendor, however it should be 12.50USD. I read the section on alternative prices but I assume that is for the sale of items not purchasing so I was wondering it purchase side has a similar feature? or should we just manually update cost in the PO and let Navision figure it out? Cheers
Have you set the currency code to USD on the Vendor (assuming you always purchase in USD from the Vendor), this will then default the Fireign Currency Code to the purchase line and so if you enter 12.50 it will be 12.50USD. You could also enter the currency code on the purchas header. Hope this helps Cheers Peter
You can set a purchase price for a Vendor for an item in different foreign currencies as well. Cheers Peter
I am currently testing NAV.
We import product typically from the US into the UK.
The Vendor accounts are set to USD.
The items are attached to the vendor and then we are adding prices to the unit cost and standard cost, should these be USD right?..
Rich
Hi Richard
The unit cost and standard unit cost are expressed in your home currency - they have nothing to do with the vendor. If you purchase from a vendor in a currency different to your home currency it will take the cost and apply the currency rate.
However if you set up purchase prices for the vendor - item relationship this will mean that when you order from this vendor the price on the PO is the price you have agreed with the vendor in the vendors currency.
if you go to the vendor and item prices you can set it here under the purchases button, or go to the item and set vendor prices, purchase button and prices. Either way it will work.
However check your license, do you have the rights to define purchase prices? If not you would need to purchase it!
Hi Adam, thanks for your reply.
I’m currently running an evaluation version.
We are considering NAV BE.
We source product from all over the world to sell in Europe.
Typically our suppliers (the product manufactures) will for example provide us with price lists in their native currency EG USD. We therefore need to import and maintain our costs in these native currencies as that is what they will be paid in.
We then need to maintain end user pricing for the currencies that we sell in and various discount levels for our reseller partners…
Is this possible in BE?
Thanks in advance.
Rich
Hi Richard,
Let me explain the background and it might make it clearer.
Firstly you need to decide the base currency for your company (I’ll use STG for an example). This means that the general ledger and base value e.g. item cost will be store in this currency. So if you run a sales analysis or an inventory valuation it mostly will display in this currency - with some exceptions.
After making this decision you can have an Alternative reporting currency where you can report the value in an equivalent currency e.g. STG accounts reported in USD.
Then moving on to the supply chain. The customers and vendor (mostly) work the same.
You can setup customers in any currency e.g. foreign currency Euro and the transactions are stored in the currency with the base currency equivilent. Once the exchange rate is set the system will generate Euro equivalent prices automatically. You can setup customer prices and these will be taken in preference (in Euro or STG!!)
You can do the sames for vendors.
So you might have have the scenario where you buy goods in USD and sell in Euro with a STG base currency.
Hope this helps
Hi Richard
I am not sure what the evaluation copy you have shows you - is it Cronus?
If you can see the purchase and sales buttons from the item card you can see a prices section - can you see these? If you can you should be able to see the concept of defining customer/item and vendor/item specific pricing. Therefore the answer to your question in NAV is yes. BE (and AM) contain granules 3380 Sales Pricing (3370 Sales Line Discounts) and 3590 Purchase Pricing (3580 Purchase Line Discounts).
There is no automatic updating of these tables in NAV because of the variety of formats and options available. However as an example I worked on a site a few years ago where the top 10 suppliers provided direct price catalogues published to websites and could be scheduled to be downloaded. These were all in different formats, and were periodically downloaded to set locations. Periodically NAV would check these locations, once found the file would be processed updating the pricing files and moving the file to a processed folder. The price lists were always for future periods so we had no need to update the purchase orders. There was a bit of work involved in this because they were all in different formats, but the supplier pricing altered regulatly, it was in the computer software and hardware industry. This meant the auto-updating was required and in truth once in it easily made its ROI to keep the business on the fore-front of pricing whilst preventing the constant manual entry of pricing and the mistakes this brought.
Talk to your partner about this because depending upon your requirements and the formats and the approach this can be lenghty or not [:D]