I am trying to create a Project Invoice in a different currency than the base currency of the Project.
I defined the required Invoice currency in Specific Sales Price under my Project Pricing but when trying to create the transaction, I see only my project base currency.
I read in IFS documentation that this parallel currency is possible, but I am unable to execute this.
Could someone please assist if I am missing anything here.
Thanks
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Hi @ArcShiv,
The Base Currency field you have highlighted is the accounting currency of the company the project is set up for rather than the sales currency of the project.
To set up the default sales currency, go to the Pricing/General tab where the Currency Code field defines the default sales currency:
This will have the effect that any new transactions reported will have this currency set as the sales currency, and the appropriate price will be picked from the price list. Note that you would have to set up distinct prices per currency, i.e. there is no currency conversion to take a price from the price list in EUR and convert to GBP.
Also note that this is only the default sales price, you can still set a different sales currency on individual transactions if required.
Hope this helps.
Kind regards, Johan
And a bonus tip: You can set up default values per customer on the Customer/Project Report Parameters tab, which has the effect that these settings are applied to all projects for that customer for the selected company, which saves you from setting up this info for each project individually if they all use the same currency, price list etc.
The setting on the Project overrides this info, so if you have one project that is an exception, you can set up specific values for that project only.
Hi Johan,
Thanks for the clarification.
I do understand your point of defining required sales currency under highlighted Currency Code fields.
However, I am a little confused as to why I cannot use Project Specific Price (Again Under-Pricing Tab on Projects screen) to define my required sales currency. Ideally whatever we define here are project specific values and should be coming up on transactions right.
Regards
Shivam Dwivedi
Hi @ArcShiv,
The values you define in the Project Specific Price will be used for any transactions created, where a price has been defined in the currency for the currency code used on the transaction. When creating the transaction, the currency code defined in the Pricing/General will be used by default, but this can be changed on the transaction, at which point the price will be updated according to the price list value for that currency.
It’s probably easier to explain with an example. Let’s say your Project Specific Price tab has the following prices: GBP - 100 EUR - 115 USD - 135
If the Pricing General is set to GBP, a newly created transaction will have GBP set as the sales currency as default, and the sales price will be set to 100. If the currency code on the transaction is changed to EUR, this will update the sales price to 115, and if it is changed to USD, it will be changed to 135.
The benefit of this is that you can have one default sales currency on the project, while you can still define sales prices in different currencies that will be used if the currency on the transaction is updated.