Why is an item from a Foreign Supplier entered in **** for the same numeric value as the foreign cost?

regarding ReckonAccounts Enterprise 2013 (our customer ID 61261) When entering my Supplier Bill the item cost is updated in **** for the same numeric value as the Euro cost. There should be an interaction with the exchange rate. An example: Item WIDGET is received at a cost of Euro 100.00 and the day's exchange rate is for example 1.50. One would expect the cost to be A$150, and indeed that is the cost taken into account in the journal. When I open the item from the ITEM view, it shows the cost as 100.00 (and doesn't specify a currency!) When I receive another WIDGET the next day, at the same exchange rate 1.50, Accounts presents the cost price as E66.67 as I am entering the new bill. My conclusion: Accounts is not calculating the exchange rate in whatever calculation it uses to update the cost price. There is no user option for this, as far as I can see, and I can't see why there would be. I presume it is a glitch in the program.

Comments

Dean Bajevic

Hi WIlliam,

Welcome to Reckon Community

From what you're describing here, your setup is correct.

When you're entering the Bill, are you entering in Australian Dollars or Euro Dollars?

Are you using an Australian Supplier or Euro Supplier?

Regards
Dean

William Leighton

Hi Dean

I sent you a reply by email and wondered why I got no action. I now realise I have to come back to this blog to correspond with you.

I am buying from France in Euros, I enter the cost in Euros (that is what multi-currency is all about, isn't it - I don't want to convert each item to **** as I enter it into the bill)

Dean Bajevic

Hi William,

We have investigated the issue and have found it has previously been previously reported.

It happens when you change prices on the Bill and say Yes to saving the new cost price – must say No.

Also, may be better to keep the cost price in the Item setup as 0.00 to force you to enter the foreign currency price on the bill.

Regards

Dean

William Leighton

Why can't Accounts translate the item cost into the item field in ****, using the currency conversion factor of the day, as I am entering the bill. This is what should be happening, that is the exact programming fault which I am trying to get fixed. It's not a user error, it's a fault in Accounts program.

You can't seriously expect me to keep all item costs at $0.
That would totally throw out my P&L, also make it very difficult when preparing a Purchase Order as the total will always be $0. Profit will always be off the map, as whatever I sell cost me $0.00

If I want to see what I paid for anything, it will always be $0

Should I change my accounting to the back of an envelope, it would be a more reliable way to do business?

Come on, Dean, you have to come up with a better answer.

Dean Bajevic

Hi William,

I will answer your response in bold

Why can't Accounts translate the item cost into the item field in ****, using the currency conversion factor of the day, as I am entering the bill. This is what should be happening, that is the exact programming fault which I am trying to get fixed. It's not a user error, it's a fault in Accounts program.

Sorry i didn't mention in the previous post that this has been reported as a bug to development.

You can't seriously expect me to keep all item costs at $0.
That would totally throw out my P&L, also make it very difficult when preparing a Purchase Order as the total will always be $0. Profit will always be off the map, as whatever I sell cost me $0.00

COGS on P/L is determined from entries on your bills/write cheques, not the cost price entered in the item setup

If I want to see what I paid for anything, it will always be $0

You can still enter a cost, but do it through Item setup and not from the bill. You will need to enter the cost into the bill each time (if it is different to what RAB populates)

Should I change my accounting to the back of an envelope, it would be a more reliable way to do business?

No need to.

Regards
Dean

William Leighton

Please let me know when they fix the 'bug'.

You have to understand that it isn't practical to keep cross-checking and updating cost prices in the Item fields. Our price list is 5 pages long.

Please fix it

Dean Bajevic

Hi William,

This is a problem with the software, Product Management will look into it in there normal cycle of product development and maintenance.

Regards
Dean

William Leighton

Hooray!

William Leighton

O it hasn't been fixed. Three years so far and no bug fix We are considering alternative software It seems Reckon are not interested in fixing it

William Leighton

We are using Enterprise and yes it is an ongoing problem Please keep me posted if you find another software, we are sick of waiting for a bug fix. Big American company , playing to the mass market, not interested in fixing details that only affect a small group of users

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