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Setting a default currency for suppliers
Setting a default currency for suppliers

Set a supplier's default currency to ensure accurate purchase order processing and consistent multi-currency management.

Dayvid Lorbiecke avatar
Written by Dayvid Lorbiecke
Updated over a week ago

Set a default currency for each supplier to streamline purchase order processing and ensuring accurate financial tracking in multiple currencies. By defining a supplier's default currency, you can automatically generate purchase orders and financial records in the preferred currency of the supplier, enhancing efficiency and reducing errors.

When creating purchase orders (POs), you can assign a default currency to each supplier. This is especially useful when buying internationally.

Your supplier's currency will be used as the default currency on POs for that supplier, but you can always choose another currency for a any order.

Adding a default currency for suppliers

  1. Navigate to Contacts screen > Suppliers table.

  2. Click on the supplier you want to edit and a supplier card will open.

  3. Click the Currency field of a supplier to set the default.

    Changing default currency on a supplier card

  4. After selecting another currency, a popup window will appear β€” when changing a supplier's currency, you can convert existing purchase prices for materials and products for that supplier to the new default currency (based on the currency exchange rate).

    In the window, if you select Yes, convert prices, the default purchase price conversion process will begin. Select Cancel to keep the currency the same and prevent purchase price conversion.

    Popup confirmation for converting prices for a supplier

    Example: If you set your current purchase prices to base currency (eg. USD), changing the currency on your supplier (eg. to EUR) will convert default purchase prices of all items which have this supplier set as default to the converted amount in EUR (using automatic conversion rate for USD > EUR).

  5. Supplier currencies can also be changed from an item card's Supply details tab. Read more about how to handle default purchase prices in your supplier's currency.

    Changing a supplier's currency on the item card

    If you set supplier currency and purchase prices, you can start buying in multiple currencies.

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