Last updated 18/09/2019
By default new Purchase Orders use your base currency. To create a Purchase in a Foreign Currency:
As you can see, Cin7 uses an approximate exchange rate to convert the Purchase Order to your base currency. This provides a working rate until you pay your bill.
Once you have finalised payment:
The following information only applies to those using the Perpetual Accounting Method.
COGS for Sales Orders are generated when items have been dispatched, and the order has been invoiced. In some situations you may sell and invoice goods you have received before you have paid for your Foreign Currency Purchase. This is completely fine provided the final payment in your base currency is entered within 6 weeks of the order being received. Cin7 will create initial COGS based on the approximate conversion, and then check for updates periodically for 6 weeks.
If you do not plan to have paid the invoice within the 6 week period, then we recommend entering the closest estimate possible to minimise the discrepancy.
Cin7 supports all major currencies and can add additional currencies upon request.
Our exchange rate is taken daily XE.com. We recommend that this rate is only used as an estimate - for greater accuracy see above.
We really appreciate your feedback.