Foreign Currency Cost (FC Cost)

Vendors can be located anywhere in the world. Working with foreign vendors means that you're dealing with your own currency as well as the vendor's currency when you order merchandise. Prism provides several options to help you manage the foreign currency cost of items you order, including:

• Display the Cost of the item from the vendor in the vendor's currency on purchase orders, ASNs and Vouchers
• Recalculate FC Cost when Cost changes.

Important: Prism calculates FC Cost based on the active exchange rate for the current time period. When a new exchange rate becomes active, Prism automatically recalculates foreign currency cost in Inventory; however, foreign order cost on saved/updated documents is not updated. The exchange rates associated with a currency are defined in Admin Console > Global Preferences > Currency > Exchange Rates.

Currency and Foreign Currency Cost on POs
When you enter a Vendor Code on a purchase order, the currency assigned to that vendor is automatically entered on the PO.
Prism applies the exchange rate for that currency to each item's order cost (PO Cost) to calculate the FC Cost. 
If you change the item's order cost, Prism automatically recalculates the FC Cost. Likewise, if you change the Foreign Order Cost, Prism recalculates the PO Cost. 
The exchange rate(s) used for currencies come from the settings in Admin Console > Global Preferences > Currency > Exchange Rates.
Spreading Fees and Foreign Currency Cost
If you use the FC Cost field for voucher items, be sure to:

• Restrict your system to one vendor per PO/Voucher (this is the default setting)
• List the vendor on the voucher at the time you perform the spread operation.

When you list the vendor on the voucher, Prism can spread the fee correctly (and unspread, if necessary) and update each item's FC Cost. If the vendor is not listed on the voucher at the time of the spread operation (Vendor Code = blank), then the base currency is used.

Defining Currencies and Exchange Rates
Define foreign currencies and exchange rates in Global Preferences > Currency and Global Preferences > Currency > Exchange Rates.

Foreign Currency fields in ASN/Voucher Lookup
Prism 2.5 and later
For orders from foreign currency vendors, you can now view the voucher subtotal, voucher total and the foreign currency code in Voucher Lookup. This change enables merchants to see the cost of received merchandise in the foreign currency. 
Add the following fields to Grid Formats preferences for Voucher/ASN Lookup:

• Foreign Currency (three-letter currency code abbreviation)
• Voucher Subtotal FC
• Voucher Total FC

In Voucher/ASN Grid Formats preferences in the Show Columns area, move the foreign currency fields from the Available list to the Selected list. Reposition the fields if needed.
 
In Voucher Lookup, if the voucher has a vendor that is assigned a Currency, then the foreign currency fields will show the voucher subtotal and total for that currency.
Sample Voucher Lookup search results showing foreign currency fields: