knowledge base

Hurrah!  We've moved to multi-currency, and as with any major transitions, this one comes with a few things that you'll need to set up  in order to ensure your information moves as smoothly as possible to the newest software version. Below you'll find some tips and tricks on how to handle the changes as well as access to more information on how
inFlow can help you handle customers and vendors who deal in currencies other than your own.

Company Currency

New users
This is easy enough, it's the currency your company deals in.  If you're in Sweden, you will likely be doing business in Swedish Krona (SEK), in Nigeria the currency is Naira (NGN) and so on.  For this reason when you set up your system inFlow will base it's starting currency on the country in which you locate your company (i.e. your company address info).  That said, it can be easily changed in your company settings. 



Simply go to Main Menu > Settings > Company Settings and choose the "Pricing & Tax" tab.  There you will see a dropdown list of all the currencies available in inFlow.  If your currency is not currently available please e-mail us at info@inflowinventory.com and we will rectify the situation within a few days.

Current users and historical data
If you are a current inFlow user who is transitioning from an earlier version to 2.2, you will find that inFlow updates your company settings (and thus your historical data) to USD by default.  Once you have completed your update you may change your default currency as mentioned above however, since there is data in the system you will be prompted for a conversion rate as well as the items you wish to change.

If your numbers are correct and you simply need the currency symbol changed, please ensure that you enter a conversion rate of 1 USD = 1 (YOUR CURRENCY) since you will not want inFlow changing your numbers, just the symbol.  This conversion rate can be changed to the correct conversion later so that future sales in USD are converted properly.  If, however, you've been keeping all your records in one currency (USD for instance) but you purchase all your stock from overseas and would like those transactions to appear in Euros you can select what data to update with the new currency.



In the example, we're converting all historical data to British pounds, however if you only need to convert your purchase orders for instance you may choose to uncheck the rest of the items and thus they will not be converted.

Moving forward, new data
Going forward, the currency used at the time of the order (whether sales or purchasing) will be saved in your records.  Any changes to your company currency after new orders will not affect the currency in which post-transition (i.e. after the software update) orders are saved.  What this means is that if you are currently completing transactions in USD and your company currency is USD but down the road you decide to change your company currency to Euros, all your previous sales orders (those saved after you upgraded to 2.2) will remain in USD.

Foreign Currency Orders
If you are working in a currency other than your own, the order will appear in the currency which corresponds to the customer's (or vendor's for purchase orders) pricing scheme.  However if you would like to know what the order amounts to in your home currency (i.e. your company currency) holding your mouse over any of the totals will show a tooltip which displays the conversion from order currency to your home currency.

 

Reporting
Now that you have multiple currencies you have a little more flexibility when pulling reports!  As ever you can control what appears in your reports but now you can choose which currency to show.  You can choose to show your reporting in your home currency, foreign currency, or both.

For instance, if you're pulling a profit report for one day and in that day you made three sales in your local area and two sales overseas (one to France and another to Japan) you can tell inFlow to show the final sales numbers in the foreign currency as well as your own.  That means that you can easily see how many euros your French customers owe you and the number of Yen paid by your Japanese customer, all while having a clear tally of your sales in your own home currency.



As in the example we can see the totals in both currencies.


And there you have it, inFlow can now handle sales and purchasing in multiple currencies, all while tracking your inventory and allowing you to keep track of your sales in your own currency!