Description

WMS can support Multi-Currency independent of the accounting system. 

Available Replication modes to Accounting software:

  1. Default Mode (suggested mode) - Replicating AUD with Currency Code and Rate in Journal Memo. In this mode, FX transactions are raised from WMS. The spot rate for sale or purchase is locked in BEFORE replicating the transaction as BILL or INVOICE back to the Accounting system.

  2. Scale mode - sets Discount % to scale extended amount to AUD while UNIT COST is the FX unit cost. This mode allows the operator to see the FX unit amount in Sale or Purchase while the total value of the transaction will be AUD.

  3. Direct mode - writes FX amounts directly to the Accounting system without conversion to AUD. This mode is designed for users with SMALL NUMBERS of FX transactions - this allows the Accountant to CHANGE the currency code after replicating the transaction - then copy the FX rate from the Journal Memo to Transaction exchange rate.


Detail Steps

To activate WMS as a Foreign Currency source:

Datapel Support to action:

Add new tag <WMSAsCURSource>True<WMSAsCURSource> in Prefs.xml file and set to True.

Superuser to action:

  1. Open WMS

  2. Go to Options ➡ Preferences

  3. Replication Tab

  4. Locate Manage FX using and from the drop-down list ➡ select "WMS Foreign Currency" ➡ Record Preferences.


Exchange Rates management:

To adjust standard rates:

  1. Open WMS

  2. Go to Tools ➡ Manage Lists ➡ Exchange rates

  3. Manage Currencies screen will open with a list of default currencies

  4. Select the currency to update the rate and manually edit the rate at the top

 5. Select "Update Exchange Rate."

 6. Confirm to update new rates

Where WMS rates come from:

Our currency conversion data is carefully collected from 20+ sources. Please read below about how we compile our exchange rates!


To update currency rates in Bulk via Import/export file:

  1. Open WMS

  2. Go to Tools ➡ Manage Lists ➡ Exchange rates

  3. Select Export ➡ Save WMS-CURRENCY.csv the file 

CURRENCY NAME

CODE

RATE

Australian Dollars

AUD

1

Canadian Dollars

CAD

0.645966

European Union Euros

EUR

1.5024

Great Britain Pounds

GBP

1.630523

Hong Kong Dollars

HKD

0.129093

Japanese Yen

JPY

0.01056

New Zealand Dollars

NZD

0.944398

South African Rand

ZAR

0.155

Swiss Franc

CHF

1.38

United States Dollars

USD

1.27388

4. Update rates ➡ Save WMS-CURRENCY.csv the file

5. Go back to Tools ➡ Manage Lists ➡ Exchange rates

6. Import ➡ select WMS-CURRENCY.csv ➡ Confirm


Creating foreign currency Sales Order:

  1. Open WMS

  2. Go to Sales or Receive register

  3. Create New Sales or Purchase Order

  4. Open Currency Tab

  5. From the drop-down Currency code list ➡ , select sales currency etc. NZD. From here, you can also manually adjust the exchange rate.

   

6. Finalise order

NOTE: Line Item Unit price should be treated as selected foreign currency.

7. Record as Sales or Purchase Order

8. Pick/Pack and Ship your Order

9. Overnight Order will be Invoiced/Billed over to the Accounting system

10. Open Invoice/Bill in Accounting system and note Journal Memo. 

The price, subtotal, tax, and balance due ALL sent as AUD and exchange Rate in Journal Memo.

 

For example:

The price, subtotal, tax, and balance due ALL sent as AUD. For instance: NZ$482.09 * NZD(0.963493) = $464.49


Related Information

Accounting system as Multi-Currency source