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Currency Rate FAQs

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Do the currency rates in Unleashed automatically update?
What currency do I use for my default purchase price and default sell price?
What if I need sell prices in different currencies?
Where does Unleashed apply currency conversion?
How do I combat fluctuating currency rates?
What exchange rate is sent to my accounting software?

Do the currency rates in Unleashed automatically update?

No, the currency rates remain what you have set in the  Settings | System | Currency Rates menu until you update them.

SEE ALSO

Currency Rates 

What currency do I use for my default purchase price and default sell price?

There is no currency conversion applied to any of these fields, therefore the value you enter has no currency. For example, a unit purchase price of 10.00 auto-fills on a purchase order as 10.00, it does not matter whether that purchase order was in USD or NZD because there is no currency converted. Instead, we recommend whenever you enter a default sell price or purchase price, use the unit price that matches the default currency of your Supplier or Customer.

SEE ALSO

Purchasing from a foreign Supplier
Selling to a Customer in a foreign currency

What if I need sell prices in different currencies?

Using the Sell Price Tiers allows you to set different sell prices for different currencies. When selling to multiple currencies, it works best if you set the default sell price for the currency you sell that product to the most, ie USD, and use the Sell Price Tiers to set unit prices for other currencies.

See Selling to a Customer in foreign currency where you can learn how to sell to customer using their default price or by using their sell price tiers.

Where does Unleashed apply currency conversion?

Unleashed applies the currency conversion you have set at in the following places:

  • When calculating the margin of a line item
  • On the Sub Total, Tax and Total of a transaction
  • When showing you the totals of transactions on reports

Unleashed displays the transaction totals in your base currency in all of the Unleashed reports; this provides you with a clear indication of what your profit and losses might be.

How do I combat fluctuating currency rates?

The following tips aim to help you combat fluctuating currency rates;

  • Ideally, the currency rates entered into Unleashed should be the rate when you pay for the products. However, we understand that it is not possible to be accurate at all times, so we recommend that you update your Currency regularly, this will help stay as close as possible to the current rate. You can adjust via the Settings | System | Currency Rates menu.
  • If you are unable to purchase the foreign currency in advance, but know the the rate which you paid for the products on a purchase order, you can change the exchange rate on the purchase order accordingly. This helps to make sure that the record of the average landed costs for each product in Unleashed is as close as possible to the real rate at the time of the exchange.

What exchange rate is sent to my accounting software?

We only send exchange rates for purchase orders and sales orders. The exchange rate that we send to the accounting provider is the exchange rate that is set in Unleashed, i.e. NZD, USD, AUD etc.

 
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