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Does your business operate in more than one currency? commonsku has simplified Currency Conversion so you can calculate accurate margins and commissions based on the exchange rates from your Admin tab, rather than having to adjust them manually.
What is the Currency Conversion tool?
The Currency Conversion tool simplifies conversion rates and margin calculations by allowing you to pre-define your conversion rates, automatically apply them to multi-currency orders, and display your client's currency on sales forms.
What are some benefits of using Currency Conversion?
- Currency conversion rates apply currency conversions to sales forms and supplier bills. The rates automatically apply anytime you purchase a product in one currency and sell a product in another.
- You can easily update an order's currency through the project overview without changing the client’s default currency or recreating the order.
- Your reports will reflect accurate margins based on the currency of your client's invoice.
- Displaying currency on sales form subtotals will give your clients the extra assurance that their order is in the correct currency.
Who should use the new Currency Conversion feature?
Distributors who purchase products in one currency and sell them in another currency should use the Currency Conversion tool. For example, if you have a sales order where the products are in USD, and you need to sell them in CAD or AUS, then commonsku's Currency Conversion is for you!
How to use Currency Conversion
First, a team admin will need to add Currency Conversion rates to commonsku's Management > Admin tab.
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From there, the rates will automatically apply to all new projects when a product's currency is different from the currency set in the project's overview.
Currency conversion on a presentation:
Currency conversion on an estimate/sales order/invoice:
Estimates, sales orders, invoices, and deposit invoices now display the sales form’s currency in the form’s subtotal.
Currency conversion on a service PO:
Currency conversion on a supplier bill:
The conversion rate applies to your sales forms (presentations, estimates, sales orders, and invoices) and supplier bills. That way, teams who pay commissions do not need to adjust the commission rates manually.
Best practices
Update your conversion rates regularly
Set a time to update conversion rates - To keep things simple, we recommend updating the currency conversion rates regularly, such as weekly, biweekly, or monthly.
Check with your team's admin before you change a project's currency
A project's currency defaults based on the currency assigned on the client's page. The best practice is to create separate commonsku clients for each currency your client operates in; that keeps reporting clean inside commonsku and makes it easier to export to your accounting platform. Check with your team's admin before adjusting a client/project's currency. Generally speaking, only teams using custom webhooks (ERP) should change an order's currency.
Double-check the supplier's currency
Products default to have the same currency as their supplier. If you're using custom items or custom suppliers, make sure the supplier is set up with the correct currency.
Canadian distributors using ESP
When searching for Canadian-priced items, be sure to apply the “CAN” market or “Canadian Priced” filter.