Buy from suppliers in their currency
If you import goods or buy from a supplier who bills in another currency, enter the purchase in their currency with the exchange rate on the day. SeroPOS turns those costs into your own currency, so stock value and margins stay in the money you actually report in.
Foreign currency purchases in SeroPOS
One setting to turn on
Turn on purchases in other currency in the Purchases tab of Business Settings and choose the currency you buy in.
Exchange rate per purchase
Each purchase carries its own exchange rate, so a delivery paid at last month's rate keeps that rate.
Enter invoices as written
Enter unit costs exactly as they appear on the supplier's invoice, without converting them on a calculator first.
Costs in your currency
Stock value, profit margins and reports use the converted cost in your business currency.
Works with lots and expiry
Imported goods still get lot numbers, expiry dates and unit selling prices on the same purchase lines.
Rates in your books
With the Accounting add-on, currencies and today's rates are also kept in accounting settings.
When you need it
A Canadian shop buying stock from a US wholesaler, a restaurant importing specialty ingredients, or a retailer ordering from an overseas maker all face the same problem: the invoice is in a different currency from the books. Converting every line by hand before typing it in is slow and easy to get wrong, and it leaves no record of the rate you used.
Purchases in other currency solves that. You record the supplier invoice in the supplier's currency, give the exchange rate, and SeroPOS does the conversion. Your stock and reports stay in your business currency, which is the one you set in the Business tab of Business Settings. Purchases from local suppliers are not affected and carry on in your own currency.
Setting it up
Open Business Settings in the back office and go to the Purchases tab. Turn on purchases in other currency, choose the purchase currency and enter a default exchange rate. The rate is how much of your currency one unit of the supplier's currency is worth. You can change it on each purchase, so the default is only a starting point.
Nothing else changes for your staff. Purchases in your own currency still work as before. The exchange rate field simply appears on the Add Purchase screen, ready to use when a foreign invoice comes in. Staff who never buy from abroad will barely notice the extra field, and the default rate saves typing on every foreign purchase.
- Business Settings, Purchases tab
- Turn on purchases in other currency
- Choose the currency and a default exchange rate
- Adjust the rate on each purchase as needed
Entering a foreign purchase
On Add Purchase, choose the supplier and location as usual, then set the exchange rate for this invoice. Use the rate your bank or card charged, or the rate on the supplier's invoice, so the cost matches what really left your account. Enter quantities and unit costs exactly as they read on the invoice.
SeroPOS converts each unit cost into your currency for stock value and margin. If you also set unit selling prices on the purchase, they are in your own currency, so you can price imported items correctly without doing sums at the counter. Lot numbers and expiry dates work the same as on any other purchase.
Exchange rates in the accounting books
If you use the Accounting add-on, the currencies screen in accounting settings lets you turn on the currencies you deal in and enter today's rate. It shows where each rate came from, so you or your accountant can trace how a foreign amount was valued. That makes it easier to explain a figure months later, when the rate has moved on.
Keeping the rate on every purchase also helps at year end. When your accountant asks why a supplier's balance looks different from their statement, the rate used on each invoice is there to check, rather than lost in a spreadsheet on someone's laptop. It also helps when you compare suppliers in different countries on a like-for-like basis.
Frequently asked questions
Can I use a different exchange rate on each purchase?
Yes. The default rate in Business Settings is only a starting point. Each purchase has its own exchange rate field, so you can enter the rate that applied when you paid. The rate stays with that purchase for later reference.
Do my reports show foreign currency amounts?
Reports such as stock value and profit and loss are in your business currency. SeroPOS converts the purchase costs using the rate on each purchase, so totals across suppliers can be compared and added up without mixing currencies. The original rate stays visible on each purchase.
Can I sell in a foreign currency at the till?
This setting is for purchases. Your till sells in your business currency, set in the Business tab of Business Settings. Purchases in other currency only changes how supplier invoices are entered and converted. Customers pay in your currency at the till.
What rate should I use?
Use the rate that matches the money that actually left your account, such as the rate on your bank or card statement for that payment. That way the cost of goods in SeroPOS matches what you paid, and your margins are real.
Does this work with the Accounting add-on?
Yes. The Accounting add-on has its own currencies screen in accounting settings, where you turn currencies on and enter today's rate. It shows the source of each rate, which helps your accountant trace how foreign amounts were valued. Use both together for a full picture of foreign costs.