Suppliers who bill in another currency

When a supplier invoices in another currency, Kerno converts its prices into your workspace currency with exchange rates you control. Every cost, lot value, purchase receipt and report stays in your workspace currency. The rates are in Settings, Currency.

Before you start

Set the supplier's currency on its settings tab when it invoices in another currency.

Choose where rates come from

1. Go to Settings, then Currency.
2. Under Where exchange rates come from, choose Reference rates for daily reference rates plus any rates you add, or Your rates only to use only the rates you enter.
3. Click Save rate source.

Refresh reference rates now fetches the latest reference rates. Currencies in use lists the currencies of your suppliers, their SKUs and open purchase orders, with today's rate.

Add your own rate

1. Under Your rates, choose the Currency.
2. Enter the rate: how many units of your currency one unit of the supplier's currency is worth.
3. Set Effective from. The rate applies from that day until a newer one.
4. Add a Note if you like, then click Add rate.

With reference rates on, your rate wins when it's dated on or after the reference day. A currency without a reference rate always uses your rates.

When costs change

Rate changes never rewrite past costs. A material cost taken from a supplier price in another currency is converted again when the price, the preferred SKU or the supplier's currency changes, or when you click Update costs from current rates. Each change goes into the cost history and recalculates product cost estimates. Purchase orders and cost history keep a copy of the rate they used.

Good to know

• Converter shows what an amount in another currency is worth in your currency at today's rate.
• The workspace currency itself can only be changed before costs exist. See I can't change my workspace currency.

Related articles

• Add a supplier and supplier SKUs
• How Kerno costs a product