V9 - 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 and in QuickBooks Online, and the home currency must be the same in both applications. The Multicurrency and Home currency settings are located under Tools & settings > Configuration > Company > Accounting.
If the Multicurrency setting is enabled, Currency and Exchange rate fields appear on purchase orders, item receipts, and sales transactions.
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 transaction 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 definition, SOS will retrieve the default currency automatically when you create a transaction involving that vendor or customer.
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 customer's 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 the line items reflect the pricing in your vendor or customer’s currency.
When you use SOS to generate a PDF of a purchase order or any sales form, they will include the symbol of your vendor or customer’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 or customer’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 or customer.
Currencies supported by SOS Inventory
Currencies updated by SOS automatically
SOS Inventory obtains currency updates from the European Central Bank (ECB) currency feed. The exchange rates for the currencies listed on the feed will populate automatically on purchasing and sales transactions, as long as you have designated the currency used in the vendor or customer definition.
These currencies are in the European Central Bank currency feed:
| AUD (Australian dollar) | JPY (Japanese yen) |
| BGN (Bulgarian lev) | KRW (South Korean won) |
| BRL (Brazilian real) | MXN (Mexican peso) |
| CAD (Canadian dollar) | MYR (Malaysian ringgit) |
| CHF (Swiss franc) | NOK (Norwegian krone) |
| CNY (Chinese yuan) | NZD (New Zealand dollar) |
| CZK (Czech koruna) | PHP (Philippine peso) |
| DKK (Danish krone) | PLN (Polish zloty) |
| EUR (Euro) | RON (Romanian leu) |
| GBP (British pound) | SEK (Swedish krona) |
| HKD (Hong Kong dollar) | SGD (Singapore dollar) |
| HUF (Hungarian forint) | THB (Thai baht) |
| IDR (Indonesian rupiah) | TRY (Turkish lira) |
| ILS (Israeli new shekel) | USD (US dollar) |
| INR (Indian rupee) | ZAR (South African rand) |
| ISK (Icelandic krona) |
Currencies requiring manual updates
If you use any currencies not included in the European Central bank feed, the SOS Support team can add those currencies for you upon request. Once added, they will appear in your list of Currency field dropdown options on vendor and customer Edit pages, as well as on transaction types that support multicurrency. However, a transaction's Exchange rate field will reflect a static exchange rate whenever such a currency is used. So you must manually update that field to reflect the current rate.