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Multi-Currency
If you deal with multiple currencies when purchasing, renting, or selling inventory, you can define the different currencies and their corresponding conversion rates to your default currency.
Topics included in this article
How does it work?
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If you deal with multiple currencies when purchasing, renting, or selling inventory, you can define the different currencies and their corresponding conversion rates to your default currency. Once defined, a default currency can be set within the vendor record or at the customer level.
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Purchase Orders and Contracts will then use the exchange rate to reflect the comparative value of the Purchase Order or the Contract in another currency. The printed contract presented to the customer will also reflect the converted value. This will be visible within the PO or contract itself, but all dashboards will reflect the company’s default currency.
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All payments are taken in the company’s default currency.
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If a vendor’s or customer’s default currency is changed, it will not affect past or current POs and Contracts, only future ones.
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Different places to set the default currency are Customer File, Vendor File, and Purchase Order.
Setting up the Currency Exchange
Configurations>Accounting Configurations>Multi-Currency
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Enter the Currency Name, Symbol, and what the daily exchange rate will be.
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If you are unsure of the conversion rate, you can verify by going online and pulling up a daily currency conversion table, as seen below. In this example, $ 10 Canadian dollars are equivalent to approximately $ 7.82 U.S. dollars.
Vendor File
There are two ways the vendor information can be used when creating a purchase order.
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Automatically |
This is done outside the purchase order through File Maintenance>>Vendor file, where the vendor information will automatically be carried over to the purchase order when the vendor has been selected. |
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Manually |
This is done within the purchase order by selecting a vendor and manually entering the information into the vendor record. Note: When using either method, you will want to make sure the country and default currency are set within the vendor file. |
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Address Section |
Under this section, you can enter the country where your vendor is from. For example, if you are a Canadian-based company and your vendor is from the U.S., you would select “United States” as the country for that vendor |
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Defaults Section |
Select the type of currency your vendor would charge you for the product being ordered from the drop-down menu. For example, if your vendor is charging you in U.S. dollars, then you would enter “U.S.” as the currency. |
The system will use the conversion rate for that country as configured under Multi-Currency in Configurations, and convert the monetary value within the purchase order.
Purchase Order
When creating a purchase order, select Tools > New PO from the top-left menu bar. You will be asked to choose a Vendor from the list. If this is for a new vendor, select Add in the bottom left corner. This will allow you to add the preferred vendor to your purchase order. The vendor chosen may or may not have a default currency set.
Auto Currency Set in Vendor File
If the default currency has been selected for the vendor, the currency rate will be carried over to the purchase order in the information section.
When an item is added to the purchase order, the system displays the amount you will pay to your vendor on the purchase order. However, your purchase line in the item record and the main screen for purchase orders display the converted price in your currency.
Manually Selecting the Currency Rate
If the default currency is NOT set in the vendor file when creating the purchase order, you will need to manually select a currency within the PO. Under the Defaults section, select the desired currency from the drop-down menu. You will only need to do this once; afterwards, it will automatically be assigned to the vendor the next time they are added to a PO.
When adding an item(s) to your purchase order, enter the amount you would be paying your vendor under the price of each.
This will be displayed as your price on the purchase order.
Under the Information tab, select from the drop-down the desired currency (U.S., Euro, Pounds). A new field or box will appear under the Information tab, displaying the conversion rate.
You will be asked if the line item prices are already set in the conversion method you selected.
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If you select YES - then nothing will happen since the item prices have already been converted.
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If you select NO - the system will convert each price to the new rate set from the currency drop-down menu, under the information section.
Why is this important?
This will affect the monetary value of the product you are receiving in stock, as well as the recorded amount due to your vendor.
To demonstrate the effects of selecting NO, please see the example below.
Once you select the “Apply” button, the Price Change Review screen will appear, showing you the converted price for each item(s).
From the main screen of the purchase order, you can see that it carries over the converted price.
The following feature is available in Elite versions 2025.16. When purchase orders exist in a currency other than the default, a column called 'FX Amount' will display the converted currency amount. When all the purchase orders are in the default currency, it hides itself.
SmartEquip
When purchase orders are created from SmartEquip, they are made with the system's default currency. When the purchase order is received, the user is prompted to set the correct currency.
Item Record
Within the Item Record, under the purchase tab, the purchase line will be updated with the new inventory value of the item. This would display the converted value in your country's dollars, increasing your overall inventory value.
Multi-Currency within the Counter System
Multi-currency can also be used in contracts within the Counter System. However, customer records need to be configured to do this.
Customer File
You can set the default currency on the customer level by going to File Maintenance, selecting the customer, selecting the Accounts tab, and then selecting a default currency (as shown below). For example, if you are a Canadian company and your customer is based in the U.S., you can select the customer’s default currency to “U.S.” from the drop-down menu.
This will use the conversion rate set with the Multi-Currency settings under your configurations when adding items to a contract for this customer.
Contracts
The printed contract presented to the customer will reflect the converted value. This will be visible within the contract, but all dashboards will reflect the company’s default currency.
Multi-Currency and Intacct (Elite Only)
Exchange rates are a constantly fluctuating variable in the real world. Intacct naturally handles this with its own revaluation process. For Intacct users set to Transaction Export Mode, POR pushes all relevent currency information over the API so that this process can occur.