Entering a Goods Receipt - Currency Card
This page describes the fields on the 'Currency' card in the Goods Receipt window. Please follow the links below for descriptions of the other cards:
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- Currency
- Paste Special
Currency register, System module
- Default taken from Purchase Order, Contact record for the Supplier (Purch. Currency) or Default Base Currency
- The Currency used by the Supplier in supplying the Items. The Unit Prices of the Items in the Goods Receipt will be in the Currency specified here, while the Cost Prices will be converted from the Unit Prices to your home Currency using the Exchange Rates below.
- Exchange Rates
- Default taken from
Base Currency Rates setting and/or Exchange Rate register, System module
- In a Goods Receipt that you enter directly to the Goods Receipt register, the Base and Exchange Rates for the Transaction Date of the Goods Receipt will be entered here.
- In a Goods Receipt in Currency that you have created from a Purchase Order, the Base and Exchange Rates here will depend on the Goods Receipt Rate option that you have selected in the Purchase Order Settings setting as follows:
- From Purchase Order
- The Base and Exchange Rates will be copied from the originating Purchase Order.
- From Exchange Rates on Goods Receipt Date
- The Base and Exchange Rates applying on the Transaction Date will be brought in, but note that the prices in Currency of the Items (the Unit Prices) will not be changed. This means the value of the Goods Receipt in your home Currency (and therefore in the Stock List and in the Nominal Ledger) will be different to that of the Purchase Order.
- From Prepayment
- The Base and Exchange Rates will be copied from any Prepayment that is connected to the originating Purchase Order. If there is more than one Prepayment, the average of the Base and Exchange Rates in those Prepayments will be copied to the Goods Receipt. If there are no connected Prepayments, Base and Exchange Rates will be copied from the originating Purchase Order.
- If you change the Transaction Date in a Goods Receipt that is not connected to a Purchase Order, the Base and Exchange rates will change automatically. If the Goods Receipt is connected to a Purchase Order, the effect on the Base and Exchange rates will depend on the Goods Receipt Rate that you have selected, as follows:
- From Purchase Order
- The Base and Exchange Rates will not be changed.
- From Exchange Rates on Goods Receipt Date
- The Base and Exchange Rates applying on the new Transaction Date will be brought in.
- From Prepayment
- The average of the Base and Exchange Rates in the Prepayments that are connected to the originating Purchase Order will be recalculated. In effect, this will mean that the Base and Exchange Rates will not be changed unless you have added a new Prepayment in the time between creating the Goods Receipt and changing its Transaction Date.
- You can also change Base and Exchange Rates in an individual Goods Receipts yourself. If you wish to prevent this, select the Prevent Base Rate Changes and/or Prevent Foreign Rate Changes options in each Currency record. If you are using these options, the exchange rates in a Goods Receipt will still be changed if you change the Transaction Date as described above.
- If the Base and/or Exchange Rates are changed using any of the above methods, the Cost Prices of any Items already in the Goods Receipt will be updated automatically and immediately.
- One of two conversion methods will be used to calculate Cost Prices (prices in your home Currency). The Dual-Base system will be useful for companies that have offices in two countries that need to report in both Currencies, for companies operating in countries where there is a second Currency (usually the US Dollar or Euro) in common use in addition to the national one, and for companies in the Euro zone who retain their old national Currency for comparison purposes. The second method is a simple conversion from the foreign Currency to the home Currency, applicable to the majority of worldwide Currency transactions. These are described below.
- Exchange Rates (Dual-Base System)
- If you are using the Dual-Base system, the Base Currency 1 and 2 fields on the left show in the form of a ratio the exchange rate between the two base Currencies (taken from the record in the Base Currency Rates setting that applies on the Transaction Date).
- Note that European Monetary Union (EMU) regulations specify that the ratios must always show how many units of the home or foreign Currency can be bought with one Euro.
- Exchange Rates (Simple Currency Conversion System)
- In the case of a simple currency conversion system, the Rate and right-hand Base Currency 1 fields are used to show a simple exchange rate between the foreign and home Currencies.
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The Goods Receipt register in Standard ERP:
Go back to:
Introduction to the Goods Receipt Register
