With the price list functionality, you can store and select different currencies for different quotes, jobs, PO's and invoices. However, if you buy in one currency and sell in another you can convert the cost price to the quote currency when you add the item to the quote, job, etc. This means you can quickly adjust your costs prices as exchange rates change.
Set up the currency rates by:
- Selecting the Cog
- Clicking on Business Settings
- Select Currency Exchange Rates
- Set up the pair you need to use. When you click on the accept button the system will get the latest rate which you can then choose to copy into the 'Exchange Rate' column:
For example, if there is an item sourced in a price list using EUR, in this case, named EUR, with a cost price of EUR300, it would look like this on the item edit screen:
Create a quote and select the price list (which gives the currency), in this case, GBP (you might need to click on 'Show More Settings' to show this dropdown):
When the item is added to the quote, etc. the agreed cost is converted at the set rate:
You can then apply your margin or markup to calculate your sales price.
If the Exchange Rate Changes
If you want to requote at a later time and the exchange rate has changed, first update the rate in the business settings. Then make a copy or version of the quote and click on the Apply button and 'Refresh Prices'. This will reset the Cost prices. You will then need to re-enter your margins to recalculate the new sales prices.