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Small and medium business | Business Central, N...
Suggested Answer

Purchasing and Selling in Different Currencies

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Posted on by

Hello. 

How do we go about setting up an item card for something that we buy in Australian Dollars but sell in UK GBP? 

The vendor is set up as Australian Dollars so that seems OK. I'm just not sure whether the cost price on the item card should be the Australian Dollars or manually converted to the GBP price? I want the price to be correct when raising a purchase order, but also need the cost price to show accurately in GBP to understand the margin as they are being sold in GBP. 

Any advice would be great. 

Thank you! 

Amy 

I have the same question (0)
  • Anita75 Profile Picture
    1,165 on at

    Hi Amy

    I think its important to differentiate between cost and price.  Cost is always maintained in local currency and you can set up price lists (purchase and sales) with a foreign currency - in the price list set up screen show additional column for currency.  Suppliers and customers can be set up with a default foreign currency so relevant currency will be defaulted on documents.  Hope this helps

  • Suggested answer
    JAngle Profile Picture
    159 on at

    Anita has touched on valuable points here. If you are fortunate enough to be able to log purchase pricing then do this. Failing that use the statistics page on an order so you can contrast between foreign and local currency values.

  • Suggested answer
    John Ray Patajo Profile Picture
    837 on at

    Set your Price on the Item as your local currency (GBP). The system will automatically convert the Cost on the Pur Order as AUD if your vendor currency is AUD. If you are using Purchase Price, you can set-it up using AUD and assign your vendor.

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