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Set Standard Cost to Foreign Currency

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Posted on by henko
Hi,
 
Our company uses Standard Costing, with Assemblies. Some of our items are imported. The Vendors are set on the Item, and the Vendor code set with the foreign currency. 
 
We have two issues:
 
1. A minor issue, if somebody quickly looks at the item, the user has no indication the Standard Cost is not in the Local Currency.
2. A major issue, Assemblies uses the Standard price as if it is in the Local Currency, and does not convert the cost.
 
Is it even possible to set the Standard Cost in a Foreign Currency and have BC convert into the Local Currency? Or must this be done manually? 
Categories:
Manufacturing
Inventory and warehouse management
  • Suggested answer
    Deekshitha Reddy Profile Picture
    Deekshitha Reddy 219 on at
    Set Standard Cost to Foreign Currency
     
     
    I think it is possible to set the Standard Cost in a Foreign Currency and have BC convert into the Local Currency.
    You can use table currency -field "Exchange Rate" and multiply it with local currency.
     
    or it can also be done with 
    with the help of field "currency factor". You just need to divide it with foreign currency. 
     
    I hope this helps.
    Please let me know.
  • Suggested answer
    KasparsSemjonovs Profile Picture
    KasparsSemjonovs 3,747 Super User 2024 Season 2 on at
    Set Standard Cost to Foreign Currency
    You can set up Purchase prices for this exact reason. Also using Purchase prices You can set up several vendor prices, and each for it's own currency. 

    If the cost varies for the materials, not sure the Standard cost is the correct way. It can be used for the finished goods.
  • Suggested answer
    Shauna Langley Profile Picture
    Shauna Langley 672 Super User 2024 Season 2 on at
    Set Standard Cost to Foreign Currency
    Hi,
     
    I don't believe this is possible, all costing would be in the local currency so this would need to be handled manually.
     
    Hope that helps,
    Shauna

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