How do I receive in parts with currency?

To order and receive parts in a foreign currency, you will first open up the purchase order application and create a new purchase order to the applicable vendor.

You can see if that vendor for your purchase order is set up for currency on the purchase order, as seen below in yellow. This is set up in the vendor record, where a currency type will be denoted. You will add the part at your regular cost, in your currency.

Then, when the parts are received in, you will see the currency conversion set up in the receiving record. Note that the cost of the part is 5.00, but on my receiving record it shows the cost of 3.79 due to the currency conversion.

That will convert back to 5 dollars in the parts record, leaving your payable 3.79 in the exchange currency but selling the part in your original currency.

In parts setup, the pre-currency cost for markup is a pricing determination, not for costing.  The cost price on the parts record is typically determined from the last receiving date unless it is being updated from a price file instead. You can also update it manually if you so choose by updating the field in the parts record.

There is also an option to not update cost on the purchase order record should you choose not to update the cost on the parts record from a receiving.

• Related Articles

• How to enter an AP invoice that utilizes currency.

  AP Invoice Entry- To begin, you should make sure that the currency exchange setup for Accounts Payable has been completed (See knowledge article). To enter an invoice with currency, you will open AP invoice entry under the accounting tab and add a ...

• Parts Inventory Reconciliation (not using WIP)

  To reconcile inventory, there are a few variables that need to be considered when looking at your physical valuation when comparing it to the GL account balance. First, the costing method being used to value inventory will be either replacement cost ...

• How to set up core parts to post to a different account.

  Our recommendation would be to set up a new parts group for your core part numbers in the parts setup tab under Groups. When setting up that parts group, you can then denote an inventory account for that group, which would be your Cores inventory ...

• Release Notes - Build 3.10

  Release Notes - Build 3.10 Enhancements Account Reconciliation The Account Reconciliation is a new feature available on the Accounting Tab to help users reconcile a specific GL Account. The option is available if the Account Reconciliation Security ...

• I accidentally received in apart to fill a work order for dispatch and need to put it back into backorder.

  If the part has been incorrectly received, there is not a way to reverse the receiving. There is, however, a way to reverse the receiving with a new record. Before you adjust the receiving, you will want to remove the part that has been filled with ...