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Currency Exchange

Posted on by 104
My local currency is USD. My vendor is PLN. My vendor bills in PLN. I have to pay 50% prior to shipment and 50% when product arrives. I need to pay 50% on 50,000 PLN. I have the vendor set up in their vendor card to show in PLN. When I preview the prepayment it says its about 100,000 USD. If the exchange rate is 1USD for 4PLN then the USD on the prepayment should be around 6,000. Not sure what I am doing wrong. 
 
 
 
 
 
 
 
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  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 7,264 Super User on at
    Currency Exchange
    Great! 
  • GS-17051342-0 Profile Picture
    GS-17051342-0 104 on at
    Currency Exchange
    Hi Valentin,
     
    Your article was great. The exchange rate has now updated to be the correct 1 USD = 4 PLN. I will read all your other articles. Thank you!
     
  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 7,264 Super User on at
    Currency Exchange
    Typically you would only setup one exchange rate service. I'm not sure why they setup 2 so thats strange. I would disable the ECB one, it looks like that's the service that was downloading rates where USD was not the base currency. 
     
    Float rates works well when USD is the base currency. I wrote a blog post about setting up a float rates service, you can check to ensure yours is setup correctly - https://valentincastravet.com/how-to-automatically-download-exchange-rates/
     
    Keep in mind that float rates doesnt download rates in the past, so once you fix the service(s) you will have to manually adjust your historical rates. To fix your fx rate on the order you can use the elipsis I told you to open the Change Exchange Rates page. In that page you can change the fx rate used by the order.  
     
     
  • GS-17051342-0 Profile Picture
    GS-17051342-0 104 on at
    Currency Exchange
    Hi Valentin,
     
    These are the exchange rate services set up. I can't tell you why there are two. It was set up by our BC partner who we no longer work with. I understand the currency factor is the problem. I just need the steps to fix it.
     
     
     
     
     
     
     
     
     
     
     
  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 7,264 Super User on at
    Currency Exchange
    The currency factor on the order header and currency exchange rate page opened from the purchase order page are the same thing so the two are the same number (.249456).
     
    However, 1 USD = 4 PLN. Why does it read .249456.
     
    That's exactly the problem that you have. The problem is how you bring your exchange rates in the currency page. They are brought in as if the PLN is the base currency, but its not, as the USD is the base currency. Where do you bring your rates from? To fix you need to bring in your rates in the below page with USD being the base currency in your company i.e. it should read 4 not .249456
     
     
     
     
  • GS-17051342-0 Profile Picture
    GS-17051342-0 104 on at
    Currency Exchange
    Here is the currency factor for the purchase order. Now what do I do?
     
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 64,181 Super User on at
    Currency Exchange
    Hi, please check the exchange rate on this document (Purchase Order?).
    There is a hidden field in the Purchase Header (38) where you can check this first.
     
    Hope this helps.
    Thanks.
    ZHU
  • GS-17051342-0 Profile Picture
    GS-17051342-0 104 on at
    Currency Exchange
    The document date is today, 6/24/2024. The exchange rate on the PO matches to the exchange rate in services for today. However, 1 USD = 4 PLN. Why does it read .249456.
     
     
     
     
     
  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 7,264 Super User on at
    Currency Exchange
    Your exchange rate on 6/24/2024 is 1 to 4. But what is the date of your purchase order? And what exchange rate do you have setup for that day? Is it also 1 to 4? The system will look at the document date on your order and then take the exchange rate for that date from the currencies page. 
     
    In the purchase order itself you can click the elipsis by the currency code to view what exchange rate the system is using:
     
     

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