Steps
- Open the Purchases tab. Open Settings › Setting and click the Purchases tab.
- Turn it on. Tick Purchases in other currency.
- Pick the currency. Choose the Purchase Currency, for example US Dollar for a Canadian business.
- Set the default rate. Enter the Currency Exchange Rate: 1 purchase currency = this many of your base currency, such as 1.37. Click Update Settings.
- Enter the rate on each bill. On Add Purchase, the Currency Exchange Rate field shows. Change it to the rate on the day or on the supplier's invoice.
- Type supplier prices. Enter unit costs in the purchase currency, as they appear on the supplier's invoice, and save.
Worked example
A Canadian shop buys 100 units at 4.00 USD each with a rate of 1.37. The bill is 400 USD, and SeroPOS records the cost as 548.00 in your currency, or 5.48 per unit. Margins and stock values use the converted cost.
Limits
You set one purchase currency for the business. The rate isn't fetched automatically, so check it for each bill. Sales stay in your business currency.
Frequently asked questions
Can I buy in USD if my business is in CAD?
Yes. Tick Purchases in other currency, set the Purchase Currency to US Dollar and enter an exchange rate. Enter USD prices on each purchase and SeroPOS stores the cost in CAD using that bill's rate.
Does SeroPOS update exchange rates automatically?
No. You enter the Currency Exchange Rate on each purchase, so it matches what your bank or card actually charged. The rate in settings is just the default that fills new purchases.