Synopsis:
- How do I manage currencies and exchange rates in AdvancePro?
- How does pricing work in multiple currencies?
- How can I assign a currency to a vendor or customer?
Webinar transcript
APT University: Multi Currency
Hello everyone and welcome to APT University, Today we’re going to be looking at AdvancePro’s multi currency settings.
So AdvancePro is set to handle a single primary currency. This is the currency you’re going to see represented across AdvancePro in reporting, and cost valuations.
Now if we navigate to the admin panel and go to the currencies tab we’ll see that we can actually enable a number of currencies. To enable a currency or create a new one, be sure to give it a name, a prefix – which is usually the symbol such as the dollar sign, pound sign, euro symbol, or Yen symbol, and give it a suffix, this is usually a three letter abbreviation. You can also set your exchange rate, or for the currencies that are preconfigured, AdvancePro can connect to a service to get the current exchange rates.
As long as a currency exchange rate is not 1 or zero, you’ll be able to use the currency in AdvancePro.
Now these exchange rates are used exclusively so that when you purchase or sell in each of these currencies, AdvancePro can convert reporting data and values into your default currency to show profits and losses.
If you’d like to change your default currency, once you’ve set up your currencies, go to Admin > Site Settings> General settings and you’ll be able to set your currency on a list.
Now that we’ve configured our currencies.
Now we can also set a customer or a vendor up as having a default currency. We can do this by going to the customer profile by going to view all customers and clicking the E button for edit and going to the additional info tab and selecting the preferred currency. Now the way AdvancePro works here if you’re syncing with QuickBooks is that you’ll need an account receivable in the same currency – the idea here is that AdvancePro will handle the transaction and pass the invoice to QuickBooks, where the customer can pay into your account in that currency, this way QuickBooks can handle any financial implications from the exchange itself, while AdvancePro manages the orders and fulfillment.
For a vendor, you can also go to their vendor profile by going to view all vendors, and click that E button as well and again we can go to the additional info tab and assign a preferred currency and in this case an accounts payable in that same currency.
Now once we’ve configured a customer or vendor to have a special currency, any price shown on a sale or purchase to that customer or vendor will appear in that currency. The cost or sale price will get converted for reporting, and will be passed to QuickBooks into the appropriate account for working in those currencies.
This concludes our tour of the multi currency capabilities of AdvancePro and thank you so much for watching.