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

Topic: Wrong price in >Sales Invoice >Items

After updates out lined in post "Items and Inventory > no price in >Sales Invoice >Items" 

I go to >Sales >Direct Sales Invoice, and my customer info is there, my Item Description is there, but the price is wrong.

My customer is in GTQ currency, and the Inventory Item Sales prices in USD. Home currency is USD, Price List = Retail USD

Sales Price = $34.95 USD Price on Invoice 4.62, No currency symbol shown. 1 GTQ=7.5630 USD

What do you think?

"The roots of education are bitter, but the fruit is sweet."  - Aristotle.
  • alvin
  • Senior Member
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  • From: USA, Guatemala, Honduras
  • Registered: 05/20/2008
  • Posts: 301

Re: Wrong price in >Sales Invoice >Items

I need to understand how multi currency calculation are done?

Can someone help?

AM

"The roots of education are bitter, but the fruit is sweet."  - Aristotle.
  • Registered: 12/25/2007
  • Posts: 2,446

Re: Wrong price in >Sales Invoice >Items

Hello,

AFAIK ECB cannot be used as source of exchange rates for Guatemalan currency, so you should use Exchange Rates page to enter it manually. Next necessary step is to set base price list in Company Setup page. When 'No base price list' option is set automatic price calculations are off.
Details of how automatic price calculations works in FA 2.0 you'll find in one of May posts on fa_list mailing list.

Regards
Janusz

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

Re: Wrong price in >Sales Invoice >Items

Thanks Janusz, for your response.

I am now a subscriber to fa_list, thanks.  However...

Guatemalan currency (GTQ) rates has been set manually, this is not a problem.  The best place I have found to get rates is http://www.oanda.com/convert/classic

I did get it figured out.  My base is USD, my foreign is GTQ,  when you think of rates, you think of how much GTQ your USD will buy, which is what you do on the street or in the store.  But FA is the other way around, you must think how much GTQ it will take to buy your USD,  Example: 1 USD = 7.86790 GTQ, the rate on the street. 1 GTQ = 0.12710 USD the rate you would use for FA calculations.  Someone should add this to the wiki.

It would be nice to get the currency symbol to display on the screen and reports.

Thanks for the help.

Regards, Alvin

"The roots of education are bitter, but the fruit is sweet."  - Aristotle.
  • joe
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  • Registered: 03/15/2007
  • Posts: 5,085

Re: Wrong price in >Sales Invoice >Items

Hello Alvin,
We have been involved in developing Accounting Systems for a long while, both for small companies as well as medium scaled companies. We have used both approaches. With both buy rates and sell rates and with only one rate. When you end up in your accounting you get some currency exchange costs and income, but overall your accounting shows you the outcome of your company. We really don't think it is a big deal to keep it so detailled.
We don't show the currency symbol, because we don't know if this field is available, but we show the ISO abbreviation (USD, GTQ). in the documents as we also shows which currency that are presenting in the inquiries.

Joe