Stock purchased in different currencies only shown in GBP in reports/product entry

Problem reported by Trevor Coley 12 years ago

We buy products in various currencies but, although a Purchase Order can be made in various currencies, creating the item itself does not allow for a currency to be selected.

In case I'm not being very clear, here's an example:

My 'Master Currency' is GBP£

A item is purchased at EUR115.00, so should convert to (approx) GBP£100. In order to create the Purchase Order (PO) I need to create the item but I can only put in the EUR115 value, save it, and then select "EUR" as the currency on the PO. My PO is created and reflects values in EUR and GBP. All fine so far!

When I go back to "Tools" to see the product the value is "115" but with no indication of currency.

My concern is that Clearbooks is not converting the item's purchase currency into GBP and therefore not accurately reflecting the true stock value and therefore all financial reporting.

I would welcome any comments or ideas on this. Thanks.

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Accounting Accounting
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7 Replies

Where is the cost value taken from to calculate profit on the sales?

12 years ago

Hi Trevor,

There is no multi currency support on stock - if you have a stock item for £100 and create an invoice in pound sterling with this stock item, the invoice will be valued at £100. If you create an invoice in US dollars with this same stock item the invoice will be valued at $100. No conversions will take place at this current time. You will need to manually adjust the amount.

12 years ago

Hi John, thanks for your answer. So, where is the data pulled from in order to make the profit reports? Surely if it is not adjusting the stock values to the Master Currency, then the cost values will be wrong and therefore all the profit data will be wrong, too. This is obviously a critical factor!

12 years ago

Hi Trevor,

You will only be able to create stock items in your home currency at the moment - multi currency will be supported in future. Currently the stock feature only has the option to track your stock balance (Tools>Stock>Report) as well as itemising which transactions stock items were added to (Tools>Stock - click on the graph icon under the options column). There is no automatic stock valuation feature - the stock value will need to be added separately.

12 years ago

Still waiting on a response! This is a show-stopping fault in the software design, please can you let me know if it can be, or is being , resolved? Thanks

12 years ago

Hi Michael, was there any follow up on my question? I'm concerned that this issue renders all my financial data incorrect! Please advise as soon as possible. Thanks. Trevor

12 years ago

Hi Trevor,

Currently stock items are only in the base currency. I will sent this as a problem so our developers can look into the issue.

12 years ago

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