Multi currency jobs

Discussion about using the MoneyWorks Job costing system.
Forum rules
This forum is not the official Cognito Software support channel for MoneyWorks. If you need help from Cognito, then please contact us (or your local regional support representative) directly using the contact information on the Support page of the web site.

Please try the search facility before posting a new topic to see if your topic has already been covered.

If you do post a new topic, it's a good idea to choose a Topic Subject that it a bit more informative than "Help!" or "A problem". If your topic is actually recognisable by people scanning the forum, you'll have a much better chance of getting a response. Thanks and have fun.
Post Reply
marchman
Posts: 1
Joined: 02 Mar 2010 11:35
Location: Auckland
Contact:

Multi currency jobs

Post by marchman » 02 Mar 2010 11:57

My wife and I run a small company in New Zealand but have clients in a number of countries worldwide. We run our accounting system using four currencies. At present we follow the procedure of quoting then converting quotes to jobs and then to invoice. All quotes are done in local currencies.

The problem we are having is all jobs are based in local currencies. For example Pounds for the UK. We use local printers and local consultants to liaise with our clients. We add their creditor invoices and our job sheet items to a job as if it were to be billed in Pounds. When we come to make an invoice MW converts all the creditor invoice and job items from NZ to pounds. Hence we get a Pound input treated as a Dollar input and converted to Pounds which gives us an incorrect figure.

The problem we are having in understanding with jobs is they are all handled in NZ dollars including creditor invoices and expenses. This makes truly working in multiple currencies very difficult to handle as all your time, expenses and credit invoices need to be converted to NZ dollars before being converted back to Pounds for invoice.

Is there a way you can make sure a job is treated in a certain currency since the quote and hence the budget is all sitting in the client selected currency.

clare wimmer
Posts: 1
Joined: 04 Jul 2011 13:05
Product: Gold
Region: New Zealand

Re: Multi currency jobs

Post by clare wimmer » 14 May 2012 17:12

Hi Marchman, I am about to enter your world. We are a software and consultancy firm who works 95% in global markets. With management reporting I will need to create jobs and monitor work in progress. There does not seem to be may of us multi currency users out there hence not much in the way of training. We should network together to get a half day training session in multi currencies functionality, reporting and using jobs. Hope this gets to you via email, if so please respond to clare@climsystems.com. Cheers Clare in Hamilton NZ :wink:

Simon
Posts: 166
Joined: 25 Aug 2004 16:00
Region: New Zealand
Location: Auckland
Contact:

Re: Multi currency jobs

Post by Simon » 04 Apr 2013 12:15

As you have found MW will always convert the jobsheet items to the base currency and then convert it to the invoice currency at time of billing. There is no way around this and from an accounting perspective you wouldn't want in the invoice currency (work in progress, exchange fluctuations etc). So what you could do is put a custom column in the Jobsheet Items list to convert the item to the invoice currency so you can see what is billable.

If you haven't customised the lists before you need to open the jobsheet items and right click on the list somewhere so the pop-up menu appears. Select "Customise List View". In the List View Options scroll to the bottom of the Available Fields and select "Heading ["your calcula..."]". Click Move so it appears in the Fields to Be Displayed. Now click "Edit"

Now enter this forumla (copy and paste):

CurrencyConvert (SellPrice, BaseCurrency,lookup(lookup(Job,"Job.Client"),"Name.Currency"))

Give the field a heading name and make sure alignment is Decimal so MW knows it is a numerical field and will sum it when printing the list.

This will convert the Sellprice to currency of the Client at the current exchange rate in MW. If you want to convert the cost, substitute the SellPrice for CostPrice.

Printing the list will give you a quick report but other reports could also be customised in the same way.

financeanalytics
Posts: 1
Joined: 17 Oct 2014 20:26
Contact:

Re: Multi currency jobs

Post by financeanalytics » 17 Oct 2014 20:56

Hi guys,i am new to this forum.Actually i was not aware about Multi Currency jobs.Really very interesting your post.I looked and let you soon.Thanks once again :D

Accounts Payable Receivable Reports

Post Reply