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QuoteWerks Knowledgebase Topic (Article ID 6587)

Importing - Importing as Alternate Currency and Converting to Local Currency

This information applies to :

Article ID
6587

Created/Updated
July 17, 2019

Category
Pricing


Are you using the most current release of QuoteWerks?
Version 5.5 Build 1
Question:

How do I import product lists that are purchased in foreign currencies (alternate currencies) and then convert to the local currency?


History:

QuoteWerks has a feature that allows you to enter the foreign prices of products that you purchase from foreign countries into the product definition in the product database. QuoteWerks then calculates the cost of the product in your local currency using an exchange rate. You can enter the pricing directly into the product database or importing a product list and have it converted to the local currency automatically.


Solution:

QuoteWerks can import data that is in a tab or comma delimited text format using QuoteWerks's import wizard (Products->Import Wizard menu). If you are not familiar with importing product lists into QuoteWerks please review the "Import Product" Chapter of the QuoteWerks user manual found under Help->View Manual in QuoteWerks. There are also Tutorial Videos available for additional information on importing.


Prior to Import:

(1) Setup the Exchange Rate Maintenance (Utilities->Exchange Rate Maintenance)

(2) Make certain to set the appropriate Convert From and Convert To values


Import:

(1) Select, Products->Import Wizard

(2) On step 1 of the Product Import Wizard, you will select the source (Import File) or a previously save import file.

(3) On step 2 of the Product Import Wizard, you will setup the standard mappings (Do not map Cost, Price, or List as they will be mapped to the Alternate Pricing fields during step 3 of the Product Import Wizard) (At a minimum, make certain you map: Manufacturer Part # and Description)

(4a) On step 3 of the Product Import Wizard, you will setup the advanced mapping. (If you require additional fields feel free to map them, the instructions on this step only detail the fields required for entering product/product lists that are purchased in foreign currencies)

(4b) First, map or statically enter: &AlternateCurrency.Identifier
(To statically enter the value: Highlight the field (&AlternateCurrency.Identifier) and click on the [Properties] button, a window will open where you can enter your 3 character currency identifier. The same identifier found within UtilitiesExchange Rate Maintenance. (ex: USD - for US Dollars, EUR for Euro, etc.)

(4c) Next, map AlternatePrice, AlternateCost, and AlternateList as appropriate.

(5) Complete the remaining import process as usual, no other steps are required to ensure that you can import product lists that are purchased in foreign currencies (alternate currencies) and then convert to the local currency.


Additionally:

(1) If the Exchange rate changes after the import select Utilities->Exchange Rate Maintenance and update the Convert From and Convert To values. To refresh the local pricing select, Utilities->Update Product Database Local Currency Pricing.

(2) If you need to adjust the alternate price of a single item on the fly, click on the [Products] button. Then edit the product and select the Pricing tab and locate the Base pricing on Foreign Currency, checkbox located at the bottom of the window. The checkbox should already be checked after the import.

(3) If you need to utilize any advanced pricing features they may not be compatible with foreign pricing. For instance, the Volume Pricing and Customer Based Pricing methods are not supported when using the foreign pricing.

(4) Background Details: Within Step 3 of the Product Import Wizard, the AlternateCurrency.Indentifier, AlternateCurrency.Rate, and AlternateCurrency.LastUpdated fields shown in the Import Wizard all "feed" the imported data into the Alternate Currency field in the product database using comma separated values. (If your exchange rate is entered properly into the Exchange Rate Maintenance then AlternateCurrency.Rate and AlternateCurrency.LastUpdated are not required to perform the import)


Example:


Let's say that your company is located in the United States. You purchase some of your products from a company in the UK, and the price lists that you receive from this UK company are in British pounds. You can setup these products in the QuoteWerks product database, and on the Pricing tab, check the "Base pricing on foreign currency" option. Then, enter the cost, price, and list of the product in British pounds, and then select British pounds (GBP) from the Foreign Currency drop down list. In the "standard" cost, price, and list fields, you will see that QuoteWerks has calculated the United Status dollars cost, price, and list values for this product. In this example, it is required that you setup the convert from currency rate between British pounds and United States dollars before you setup this product in the product database. To setup the currency rates, choose the Utilities-> Exchange Rate Maintenance menu.

Continuing with this example, let's say that one week later, the exchange rate between British pounds (GBP) and United Status dollars (USD) needs to be updated. Once the exchange rate changes, the USD prices that QuoteWerks calculated for the product priced in GBP will now be incorrect. To update the USD prices for these products, you will need to update the Convert From exchange rate under the Utilities->Exchange Rate Maintenance menu, and the select the Utilities->Update Product Database Local Currency Pricing menu. This utility will cycle through all the product databases, and recalculate the local currency pricing for all products that have their pricing based on a foreign currency using the latest exchange rates entered under the Utilities->Exchange Rate Maintenance menu.

The foreign pricing feature also works very well for companies that have offices worldwide. The corporate headquarters office can create the entire product database specifying the foreign price of all the products in their own native currency. The reason for doing this is simple. When this is done, the price of the product and the currency of the pricing are stored in the product database. When the product database is sent to different countries, the QuoteWerks users in the different companies will set their convert from currency, and run the Utilities->Update Product Database Local Currency Pricing menu. After running that utility, their product database will now have price for all the products in their countries local currency. So, effectively, an international company can create one product database that can be used for pricing by all their offices in all the countries they have offices in.


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