we have a multi-currency situation
as about 95% of our costs appear in local currency pricing/quotations are calculated in local currency naturally
Financial Reports should be reported in local currency as well
Sales Invoices / Customer payments happen in local as well as in foreign currency (one customer normally sticks to on payment currency mainly (always one invoicing currency per customer)
I wonder what would be the best approach for setting this up. Something like the below would be what comes to mind at first (because it spares me to maintain a price list in foreign currency)
- base currency - local currency
- price list Standard Selling - local currency
- Sales Invoice - foreign currency (setting conversion rate correctly when making the invoice)
- Customer Invoice currency - set to foreign currency
- A/R account - local currency
- bank account for payment receipt- foreign currency
- payment receipt is multi currency, receiving foreign currency, posting local currency to A/R account
after making some first tests this seems work, Some questions I’d love to get some input from others:
- Is anybody else using such a setup and might confirm that as a proven ‘real life’ concept?
- what advantage would it have to maintain a Selling pricelist in the foreign currency involved here?
- or does it make sense to set up a specific Customer Selling pricelist (many of our products are designed by our customers, so we do not sell them to anybody else)