Setting a Pricing Method for Inventory and Services
To set up your company to conduct
business in a foreign currency
Step 1: Add exchange gain/loss account for foreign currencies
Step 2: Set up foreign currencies
Step 3: Add foreign currency bank accounts
Step 4: Choose linked accounts for foreign currency transactions
Step 5: Link a currency to a credit card to track customer credit card sales
Step 6: Set method of pricing inventory and service items
Step 7: Add foreign prices to inventory and service items
Step 8: Add foreign vendors
Step 9: Add foreign customers
To set a pricing method for inventory and service items:
- In the Home window, from the Setup menu, select Settings.
- Open Inventory and Services, and then Options. Select one of the following options:
- Calculated using the exchange rate - Automatically calculate the price based on the exchange rate. Use this option if you don't want to add foreign prices to your inventory items (Step 6 above), or you prefer to use higher shipping charges when it is more expensive to sell to foreign customers.
- Taken from the foreign price listed in the Inventory and Services record - Manually enter a separate foreign price in the inventory record for each individual item. This option is convenient if you:
- Want to set a foreign price for one or more inventory or service items.
- Prefer to manually add a higher markup to a foreign price when it is more expensive to sell to foreign customers.
- Decided not to set up a foreign currency bank account, but want to limit the number of rounding differences you see as a result of exchange rate calculations.
- Click OK.