Currency Conversion is not converting
Idea suggested by Luke Hilton 5 years ago
Hi Guys, I have experienced this problem with Xero and also with Kashflow in the past. Xero refused the do anything about it so I move to Sage 1 as did Kashflow.
Basically I am a manufacturer and retailer based in the UK and I sell to dealers or people that resell my products all over the world.
So what the system is currently lacking is very simple.
In your inventory, people need to be able to set base currency for their inventory.
So say I have a product and its priced in GBP because its manufactured in the UK and I want to then send an invoice to an American customer in USD, what I want to do is this:
1) Select the customer 2) Send invoice (as normal) 3) Select inventory item 4) Select currency in USD. 5) Currency converter converts GBP base currency for inventory item into USD according to exchange rate provided by the software 6) Add shipping cost in USD (with base currency indicated to the left of USD shipping) This is because Fedex, UPS and DHL accounts give you their prices in GBP. Currently I am having as with all accounting softwares other than sage one to calculate the GBP shipping price to USD. What would be better than this is to be able to set a base currency for the shipping also. I would advise also to set this up as a secondary or sub category for inventory items.
Once this is all calculated and then have an invoice in USD but in full knowledge that the exchange rate is correct as per the correct retail price in GBP.