• From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Topic: True multi-currency support and RFQ feature

I recently switched over from Phreebooks to Front accounting which is years ahead. Definitely happy to have made the switch. However I am really missing one feature that Phreebooks had which is true multi-currency support.

I often have customers that sometimes send us payment in an other currency other then their home currency.  And the same with suppliers. We may be billed in one currency (for example Chinese RMB) and make payment locally in that currency, but on other occasions we may wire transfer the payment in another currency (US Dollars). We also sometimes sell in different currencies to one customer. One order might be quoted in USD. Another might be quoted in Chinese RMB...

For now, the work around is I have set up "dummy accounts" in other currencies and have to do lots of manual conversions. For lots of transactions though it really ads up to a lot of extra time. The limitations on multi-currency in front accounting is a huge downside for me and I am guessing for any semi-international business this is a problem. I have seen some other posts here so seems others have this need as well.

The other feature that I surprised is missing (which Phreebooks also has) is RFQ (request for quote). Its basically a PO as far as the structure. Workflow is a) RFQ which then is converted to PO if confirmed. I would imagine adding RFQ should be pretty basic.

Anyways, beyond that pretty happy with Front accounting and overall very impressed!

  • From: Canada, BC, Lantzville
  • Registered: 01/07/2013
  • Posts: 135

Re: True multi-currency support and RFQ feature

I'm not sure what the difference is between your "RFQ" and the "Sales Quotation" which already exists in FA?  Or, are you talking about an "RFQ" for the purchasing module?

Also, FA currently does not easily convert a "Sales Quotation" into a "Sales Order" although you can use cut-and-paste if you have installed the textcart extension.  Some have suggested that this functionality be added to a future version of FA, but I don't think it's going to happen right away.

Hope that's helpful.

Regards,

Chris

chrison's Website

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

Essentially an RFQ (request for quote) works in much the same way as SALES QUOTES work. The main difference between the two is that RFQ's are intended for the supplier/vendor sides where are SALES QUOTES are intended for the customer side. Another way of saying this is FRQ's are used in purchasing, SALES QUOTES are used in selling.

With customers, you provide an initial SALES QUOTE. When the customer then receives and confirms this quote, the sales quote converts into a "SALES ORDER" and then finally into a SUPPLIER INVOICE.

The process is the same with an RFQ. With suppliers you provide a RFQ. The supplier comes back with the details such as specs ordering terms etc and if you confirm it, the RFQ is converted to a PURCHASE ORDER and then finally into a SUPPLIER INVOICE.

The advantage to having RFQ's is you can a) see what items you have out there soliciting quotes for and b) you have a place to record what suppliers quoted for each item (we usually fill in the details they came back with into the RFQ).

I am surprised that "Sales Quotation" don't easily convert into "Sales Orders" easily. My understanding of the proper work flow for this would be that they SHOULD easily convert, with the ability to make changes on the final sales order if necessary.

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

On a side note, I should mention one reason we specifically DID NOT go with weberp (which is also pretty impressive) is the inability to enter a back dated transaction. So I am VERY glad front accounting has this feature.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,089

Re: True multi-currency support and RFQ feature

@rscwendeman

I don't understand why the Sales Quotation doesn't easily convert into Sales Order.

Go into Sales Quotation Inquiry in Sales Tab. Put the mouse over the last but one column on a Sales Quatation. What do you get here. Of course pressing this will create a Sales Order, voila smile

/Joe

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

Sorry Joe, I was just referring to Chris's comment: "Also, FA currently does not easily convert a "Sales Quotation" into a "Sales Order" although you can use cut-and-paste if you have installed the textcart extension."

But for me, it seems to work fine..

  • From: Canada, BC, Lantzville
  • Registered: 01/07/2013
  • Posts: 135

Re: True multi-currency support and RFQ feature

Apparently I misspoke?  I don't use the sales quotation function, but thought I had read that you couldn't convert a sales quotation to a sales order without first installing the textcart extension.  I guess I should've just kept quiet.  (BLUSH!)

Sorry!

Chris

chrison's Website

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

I was just doing a search and it seems multicurrency is a concern for quite a few others:

https://frontaccounting.com/punbb/viewtopic.php?id=181
https://frontaccounting.com/punbb/viewtopic.php?id=1278

  • Registered: 12/25/2007
  • Posts: 2,447

Re: True multi-currency support and RFQ feature

Agree this is important feature, but unfortunatelly  single currency per customer/supplier is deep design decision, so changing this will take some time and effort.
Janusz

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

Right now, the way transactions are handled in various currencies is horribly confusing. One of the biggest aspects of this is you never really are clear what currency you are working in at any given time. As a result I spend a TON of time voiding transactions and then re-entering them.

For example in "Bank Account Payment Entry" you first choose the bank account that you are making the payment from. In this case, I am selecting a USD account. I enter the payment amount in USD and (it seems in this case) the payment is made correctly in USD. However, its NOT at all clear what currency you are making the payment in (since in some places it must be in the home currency, and in others its not..). It lists the exchange rate in this screen which is further confusing since it seems in this case that the payment being made is in the currency of the account you have selected. A quick fix here would probably just have the currency name of the account you selected display somewhere (maybe next to the amount) so that its clear what currency this transaction is occurring in. Along with the amount in the destination currency (display purposes only).

In SO MANY places this could be really really easily fixed in the short term by simply making it clear what currency you are working in on each of these different screens with with some sort of notice or display.

For now though I have gotten quite proficient in using the void feature.

  • Registered: 12/25/2007
  • Posts: 2,447

Re: True multi-currency support and RFQ feature

Thanks for pointing out this issue. This will be fixed in next minor release at least regarding payments/deposits.
Janusz

  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

Definitely looking forward to this in the next release.

Customer Payment Entry is another spot that could use a little love. There is a bank charge, but its not clear if:

A) this charge is deducted from the total remittance amount or
B) it is it added on top of the remittance amount...??

If it is deducted from the remittance amount then it would make more sense for it to be down below along with the discount, remittance amount etc.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,089

Re: True multi-currency support and RFQ feature

@rscwendeman

The Bank Charge is deducted from the total remittance amount and is booked on an account set in the System and GL setup (should be a cost account). This is to have an overview over how much bank charges has been booked.

/Joe

  • Registered: 09/19/2013
  • Posts: 11

Re: True multi-currency support and RFQ feature

@rschwendeman
You write "I recently switched over from Phreebooks to Front accounting which is years ahead".

I am currently evaluating Front Acounting having come from a background of PhreeBooks.
Where are the areas that you have found Front Accounting to be more suited to your needs than PhreeBooks?

I am hoping to make a final decision about our choice of ERP soon as I am getting ERP exhaustion.

  • alvin
  • Senior Member
  • Offline
  • From: USA, Guatemala, Honduras
  • Registered: 05/20/2008
  • Posts: 301

Re: True multi-currency support and RFQ feature

So, Rascal, which way did you go, PB or FA?

True multi-currency support is a big issue for me.

"The roots of education are bitter, but the fruit is sweet."  - Aristotle.
  • From: China and Hong Kong
  • Registered: 01/09/2013
  • Posts: 15

Re: True multi-currency support and RFQ feature

Rascal - Sorry for the slow reply. I have been using Front accounting for quite a while now and I almost forgot about how Phreebooks works.  But in general Front accounting seem a lot more robust yet still somewhat user friendly. I think it still has a ways to go for anyone who is working internationally and has varying currency needs but they do seem to be improving this (some of the issues here, I noticed got better in later releases).

Weberp is amazing but way to complex - Phreebooks has a nice interface but is way to simple and Front accounting seems to be the best balance of the two. Therefore we are sticking with Front Accounting.

I know the ERP exaustion feeling too. But unless your needs are super hardcore to the extend that you need weberp, then go with Front Accounting!