With Raley Procurement and Quoting app you can issue purchase orders in more than 170 currencies. We are updating exchange rates daily at midnight fromhttps://exchangeratesapi.io/, so you don't have to worry about outdated currency rates and focus of what matters most - procurement process
A company that utilises Raley PO for procurement has a base currency and optionally any number of foreign currencies. The base currency is used in budgets calculations, setting of corporate approval limits and tiers and generation of aggregate reports for orders. Both, base and foreign currencies can be used to issue purchase orders. This is how it works:
Imagine that you procure for a US-based company but your suppliers are located not only in US, but also overseas in Spain, Switzerland and Japan. Based on this scenario, you'd want to set up your base currency to be USD and add several foreign currencies which are used in the countries mentioned above (Just navigate to Raley Finance Settings -> Currency menu to set them up). So, you would need to add Euro (EUR), Swiss Frank (CHF) and Japanes Yen (JPY) in the list of Other supported currencies. The system will automatically show the latest available exchange rate against your base currency in the Rate column.
Once the currencies are configured, you can navigate to a Jira or JSM screen and create a new purchase request. In the Currency combo-box the system will show your base-currency (USD) by default and now you can change it to any other foreign currency that your company works with. Now, it’s time to add some order lines. And here the system behaviour is a bit more tricky. Let's say that we have chosen currency EUR.
Imagine that you add a new product which is not yet in our registry of products for the given supplier (Budgets and Suppliers → Suppliers → Products), then you’ll simply provide the unit cost of the product EUR. When saving the order line, the system will create a new product for the given supplier and recalculate its reference price to the base currency. As we've chosen EUR to be our order currency, then the product’s price on the order line would be expressed in EUR-os, but the price in the Products registry would be stored in USD using the latest applicable exchange rate.
On the contrary, if we picked up an existing product, then its price in base currency (in our case USD) would be re-evaluated to the currency of particular PO (EUR) and shown in the Unit price. You can amend it as you want, but remember that this change will only stay in scope of this particular purchase order line. The reference price in the registry of products will not change.
Once you’ve finished adding the order lines, the Totals will be calculated in the currency of PO and necessary approval tiers and limits will be re-evaluated. The rest of behaviour is similar to what you’d expect when issuing a PO in a base currency.
Deliveries
Deliveries of PO are expressed in the same currency as the current PO.
Purchase Order Reports
Purchase Order reports include all purchase requests and orders in all permitted currencies. For every PO we show it's currency and the order value expressed in it. This means that in a single report you could see orders in USD, EUR, JPY etc.
If you choose HTML format of purchase order report then in the footer you'll see "Total gross amount". This shows sum of all Gross amounts for all PO's that match current filter criteria. The Total Gross Amount is expressed in the base currency and when order is not in the base currency, then we apply the latest exchange rate to calculate it's value in base currency before summing things up.
Budgets
All budget's amounts are expressed in base currency. The report generation engine takes into consideration the latest exchange rates to calculate budgets for orders expressed in foreign currencies.
Multi-currency is a great feature that was requested by many our customers who procure overseas. We're proud to be able to help them overcoming this challenge and hope that you'll find it useful in your organization as well!
Multi-currency support for procurement
With Raley Procurement and Quoting app you can issue purchase orders in more than 170 currencies. We are updating exchange rates daily at midnight from https://exchangeratesapi.io/, so you don't have to worry about outdated currency rates and focus of what matters most - procurement process
A company that utilises Raley PO for procurement has a base currency and optionally any number of foreign currencies. The base currency is used in budgets calculations, setting of corporate approval limits and tiers and generation of aggregate reports for orders. Both, base and foreign currencies can be used to issue purchase orders. This is how it works:
Imagine that you procure for a US-based company but your suppliers are located not only in US, but also overseas in Spain, Switzerland and Japan. Based on this scenario, you'd want to set up your base currency to be USD and add several foreign currencies which are used in the countries mentioned above (Just navigate to Raley Finance Settings -> Currency menu to set them up). So, you would need to add Euro (EUR), Swiss Frank (CHF) and Japanes Yen (JPY) in the list of Other supported currencies. The system will automatically show the latest available exchange rate against your base currency in the Rate column.
Once the currencies are configured, you can navigate to a Jira or JSM screen and create a new purchase request. In the Currency combo-box the system will show your base-currency (USD) by default and now you can change it to any other foreign currency that your company works with. Now, it’s time to add some order lines. And here the system behaviour is a bit more tricky. Let's say that we have chosen currency EUR.
Imagine that you add a new product which is not yet in our registry of products for the given supplier (Budgets and Suppliers → Suppliers → Products), then you’ll simply provide the unit cost of the product EUR. When saving the order line, the system will create a new product for the given supplier and recalculate its reference price to the base currency. As we've chosen EUR to be our order currency, then the product’s price on the order line would be expressed in EUR-os, but the price in the Products registry would be stored in USD using the latest applicable exchange rate.
On the contrary, if we picked up an existing product, then its price in base currency (in our case USD) would be re-evaluated to the currency of particular PO (EUR) and shown in the Unit price. You can amend it as you want, but remember that this change will only stay in scope of this particular purchase order line. The reference price in the registry of products will not change.
Once you’ve finished adding the order lines, the Totals will be calculated in the currency of PO and necessary approval tiers and limits will be re-evaluated. The rest of behaviour is similar to what you’d expect when issuing a PO in a base currency.
Deliveries
Deliveries of PO are expressed in the same currency as the current PO.
Purchase Order Reports
Purchase Order reports include all purchase requests and orders in all permitted currencies. For every PO we show it's currency and the order value expressed in it. This means that in a single report you could see orders in USD, EUR, JPY etc.
If you choose HTML format of purchase order report then in the footer you'll see "Total gross amount". This shows sum of all Gross amounts for all PO's that match current filter criteria. The Total Gross Amount is expressed in the base currency and when order is not in the base currency, then we apply the latest exchange rate to calculate it's value in base currency before summing things up.
Budgets
All budget's amounts are expressed in base currency. The report generation engine takes into consideration the latest exchange rates to calculate budgets for orders expressed in foreign currencies.
Multi-currency is a great feature that was requested by many our customers who procure overseas. We're proud to be able to help them overcoming this challenge and hope that you'll find it useful in your organization as well!