V8 - Multicurrency
If you engage in international commerce, SOS Inventory’s multicurrency feature is a helpful tool for transactions requiring the use of currency exchange rates.
To take advantage of this feature, the Multicurrency setting must be enabled in both SOS Inventory (Company menu > Company settings) and in QuickBooks Online. The home currency must be the same in both SOS and in QuickBooks Online.
If Multicurrency is enabled, Currency and Exchange rate fields appear on purchase orders, item receipts, and sales forms.
To change your home currency, go to the Company settings (Settings > Company settings) and choose the proper home currency.
Processing multicurrency transactions
If you engage in transactions with vendors or customers that use currencies different from that of your business, make sure that the Currency field on the purchasing, item receipt, or sales form is configured to reflect the currency used by that vendor or customer. If you have included a default currency as part of the vendor or customer’s definition, SOS will retrieve the default currency automatically when you create a transaction involving that customer or vendor.
For purchase orders, you can choose to use the Vendor-Item Catalog to establish your vendor’s price for a given item in the vendor’s currency. When a product listed in the Vendor-Item Catalog is entered as a line item in the purchase order, the values that populate the PO’s Unit price and Amount fields will reflect pricing in the vendor’s currency.
For sales transactions, the same result can be achieved using price tiers in which item prices are listed in the foreign currency.
If you do not use the Vendor-item catalog or price tiers, SOS will draw upon the data specified in the item definition to calculate the pricing or cost of items. Because items are defined in your home currency, you must use the exchange rate to calculate and update the values on the transaction manually so that they reflect the pricing in your vendor or customer’s currency.
When you use SOS to generate a PDF of the purchase order, the PO will include the symbol of your vendor’s currency before monetary values to clearly designate the currency (example: £400.00 for 400.00 GBP).
The line items in QuickBooks will reflect item pricing in your vendor’s currency when the purchase order or sales transaction is synced from SOS to QuickBooks Online. But in the amount total, QuickBooks will list the amount in your home currency as well as that of your vendor’s.
Currencies supported by SOS
The following currencies are supported by SOS Inventory:
| AUD (Australian dollar) | DKK (Danish krone) |
| BGN (Bulgarian lev) | EEK (Estonian kroon) |
| BRL (Brazilian real) | EUR (Euro) |
| CAD (Canadian dollar) | GBP (British pound) |
| CHF (Swiss franc) | HKD (Hong Kong dollar) |
| CNY (Chinese yuan) | HRK (Croatian kuna) |
| CYP (Cyprus pound) | HUF (Hungarian forint) |
| IDR (Indonesian rupiah) | PLN (Polish zloty) |
| ILS (Israeli new shekel) | ROL (Romanian leu) |
| INR (Indian rupee) | RON (Romanian leu) |
| ISK (Icelandic krona) | RUB (Russian ruble) |
| JPY (Japanese yen) | SEK (Swedish krona) |
| KRW (Korean won) | SGD (Singapore dollar) |
| LTL (Lithuanian litas) | SIT (Slovenian tolar) |
| LVL (Latvian lats) | SKK (Slovak koruna) |
| MTL (Maltese lira) | THB (Thai baht) |
| MXN (Mexican peso) | TRL (Turkish lira) |
| MYR (Malaysian ringgit) | TRY (Turkish lira) |
| NOK (Norwegian krone) | TWD (New Taiwan dollar) |
| NZD (New Zealand dollar) | USD (US dollar) |
| PHP (Philippine peso) | ZAR (South African rand) |
| CZK (Czech koruna) |
The Support team can add additional currencies to the list for your use. But you will need to enter the desired exchange rate manually, as the data will not be updated by the system.
QuickBooks uses a different currency feed from that used by SOS. Depending on the currencies you need, you may be able to obtain some exchange rates from QuickBooks’ feed that are unavailable through ours. In this situation, you may prefer to use QuickBooks Online to enter transactions and have them sync to SOS.