Software: MoneyWorks accounting software
I had already set the currency for the customer to USD, but when I try creating an invoice to this USD customer, the value in the invoice still show as SGD (base currency), why?
Item P101 selling price is set at S$100.00, when creating an invoice to a USD customer, the value show in the invoice still 100.00 instead of 80.00 (if the exchange rate is at 1US : SGD1.25).
MoneyWorks accounting software does not convert the selling price in base currency to selling price in foreign currency automatically based on the exchange rate; it uses a fixed selling value set in the item profile.
How it works?
Assuming we are dealing with two currencies, USD and SGD, and base currency for our account is SGD. First, we need to amend the field label for the Product Sell Price for item.
From the Edit menu, select Document Preferences to get into the Document Preferences window. Then, go to the Fields tab of the Document Preferences window. Change the Label name for:
Product.SellPrice to SGD
Product.SellPriceB to USD
In your item profile of your product P101, Selling Info tab, you will see the Price A had renamed to SGD and Price B had renamed to USD. Enter the SGD price as 100.00 and USD price as 80.00
Open up the profile of USD Customer, under the Pricing & Terms tab, change the Price Code from SGD to USD (if originally was set to Price A).
Now, when you creating an invoice to USD customer, the sell price of item P101 will automatically use 80.00 (price code USD) instead of 100.00 (price code SGD).