How do companies enter a negative cost for a purchase? For example, exchange rates below par with the US dollar will reduce the landed cost of a line item received. If we enter exchange in the Trade Discount field, to reduce the invoiced amount, that is not at the line item level. Any suggestions? thank you
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Lauri,
Are you using multi-currency? What is your functional currency and what currency is your PO issued in?
For our operation, we work with a functional currency of Canadian. If I buy 100 items from a US vendor. my PO is made in US dollars. GP keeps the Exchange rate on the day I issued the PO.
I can update the Exchange rate before receiving the PO. My Landed Cost ID are added at the time I receive the items. Therefore GP is Tracking the cost based on my Exchange Rate.
You may not want to use the Trade Discount feild since it may be linked to te GL for tracking Discount on the Purchasing. Where in this case you are dealing with a Gain or Lost on Currency.
-Dennis
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