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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Item Cost Price..
Microsoft Dynamics AX (Archived)

Item Cost Price..

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Posted on by Darshanak 261

Hi All,

I have set my company currency as "GBP". As a result I have to enter Item cost prices in GBP at item level.

However, we maintain item cost prices in "USD" and we need to enter it in USD at item level.

Please advise a solution

Thanks

Darshank

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  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hello Darshanak,

    This is not possible. If your accounting currency is GBP then all cost prices are maintained in GBP. At the time you purchase for example something in USD, those prices are automatically converted in GBP.

    Best regards,

    Ludwig

  • Darshanak Profile Picture
    Darshanak 261 on at

    Thanks Ludwig,

    We get the standard cost sheets in "USD" but for the statutory purpose we maintain our accounts in "GBP".  Further, our reporting currency is in "USD".

    If we have entered the item cost price in "GBP" (at item level) the system convert it in to "USD" based on the current exchange rate, and the Cost as per reporting currency can be inaccurate.

    I.e., If the Company currency is "GBP" and the Reporting Currency is "USD"

    (Month 1 - ex rate, GBP to USD - 1.25)

    (Month 2 - ex rate, GBP to USD - 1.30)

    Month 1, Standard cost  (as per company Currency = 1 GBP, as per reporting Currency 1.25 USD)

    Month 1, Standard cost  (as per company Currency = 1 GBP, as per reporting Currency 1.30 USD)

    Could you please advise whether there is any workaround for the above issue,

    Thanks

    Darshank

  • Darshanak Profile Picture
    Darshanak 261 on at

    Hi Ludwig,

    This is also an issue when populating Item Purchase Price , sales price etc... (for the items which does not have trade agreements)

    Please advise

    Thanks

    Darshank

  • Verified answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hi Darshank,

    In the standard application there are not too many workarounds available how you can achieve a foreign currency valuation - in your case an USD valuation - of your inventory.

    The only feature that I can think of is the Russian dual warehouse functionality, which tracks the inventory with a secondary currency value. This feature has, however, a huge development footprint and requires numerous corresponding modifications.

    Other than that you can try developing some BI reports to obtain the USD values or make use of the GL ledger accounting currency feature in a duplicate environment. I have not tested this in detail but this might be an option you can have a look at.

    Best regards,

    Ludwig

  • Suggested answer
    Darshanak Profile Picture
    Darshanak 261 on at

    Thanks Ludwig,

    I'm confused as to why Microsoft does not allow you to enter item cost prices in Multiple currencies.  Most probably it's because they wants to have a fix standard Cost in company currency?

    I think to test your option we may have to get a third party consultancy support.  Thanks for the advise.

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