Purchasing in multiple currencies allows businesses to manage international procurement with ease. By buying in multiple currencies, companies can streamline their procurement operations, enhance financial management, and maintain consistency in international transactions, optimizing overall supply chain efficiency.
In Katana, you can keep purchase prices in foreign currencies and automatically convert them to your base currency so that stock is always accurate in your local currency value.
In Katana you can:
Creating a PO in a foreign currency
Create a new PO by clicking the global "+" sign and selecting + Purchase order.
Select a supplier that uses a non-base currency and the order's currency will default to that.
PO rows will use the currency of the order.
If you use the default supplier for an item, your default purchase price is used. (eg. if your supplier currency is GBP and your purchase price is set as 300 GBP, this will be used as the purchase price per unit on the order.)
If you use a different supplier with a different currency on the order, rows will be added by converting your purchase price to the currency of the order. (eg. your PO currency is USD but your default purchase price [on item] is set as 300 GBP - this will be converted into purchase price in USD on the order).
Converted total and conversion rate are visible in the totals section of the order.
Katana updates this conversion rate daily, so open orders always reflect accurate prices and value in all of your PO screens.
You can fix your currency rate in a couple of ways.
When changing the supplier on a PO to one that uses a different currency, Katana will ask for your confirmation if you want to convert the prices to that supplier's currency.
Additional info about POs in multiple currencies
It's possible to change the currency on the order and Katana will convert all prices on the rows to that currency.
The Currency field is locked on a PO once the currency rate is fixed.
Once the rate is fixed, you are able to edit the rate.
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