Prices in Base Currencies: Process Activity

The following activity will walk you through the process of maintaining default prices in base currencies.

Story

Suppose that the SweetLife Canada company, which is implemented in the same tenant as SweetLife Fruits & Jams but using the Canadian dollar as its base currency, sells the same products and services to its customers as SweetLife does. Thus, the company needs to maintain the default prices of non-stock items in CAD. One of the company's customers, EasyDiner Co. (EASYDINER), purchased five hours of consulting services from SweetLife Canada on January 30.

Acting as the implementation consultant, you need to specify the default price in CAD for the CONSULT non-stock item and make sure that this default price is used in documents originating from the SweetLife Canada company.

Configuration Overview

In the U100 dataset, the following tasks have been performed for the purposes of this activity:

  • On the Enable/Disable Features (CS100000) form, the Multibranch Support, Multicompany Support, Customer and Vendor Visibility Restriction, Multicurrency Accounting, and Multiple Base Currencies features have been enabled.
  • On the Companies (CS101500) form, the SWEETLIFE company has been configured.
  • On the Customers (AR303000) form, the EASYDINER customer has been created.
  • On the Non-Stock Items (IN202000) form, the CONSULT non-stock item has been configured.

Process Overview

In this activity, you will specify the default price in CAD for the CONSULT item on the Non-Stock Items (IN202000) form. On the Invoices and Memos (AR301000) form, you will create and release an invoice for the EASYDINER customer, selecting the CONSULT non-stock item. Finally, you will review the generated GL transaction on the Journal Transactions (GL301000) form.

System Preparation

Before you begin performing the steps of this activity, do the following:

  1. Launch the MYOB Acumatica website with the U100 dataset preloaded, and sign in as a system administrator Kimberly Gibbs by using the gibbs username and the 123 password.
  2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/30/2024. If a different date is displayed, click the Business Date menu button, and select 1/30/2024 on the calendar. For simplicity, in this activity, you will create and process all documents in the system on this business date.
  3. On the Company and Branch Selection menu on the top pane of the MYOB Acumatica screen, select the SweetLife Canada branch.
  4. In the company to which you are signed in, be sure that you have configured the SweetLife Canada company, as described in Multiple Base Currencies: Implementation Activity, which is a prerequisite activity.
  5. On the Company Groups (CS102500) form, be sure that you have added the USCOMP company group, as described in Company Groups: Implementation Activity, which is a prerequisite activity.
  6. In the company to which you are signed in, be sure that you have restricted the visibility of a customer to the SweetLife Canada company, as described in Customer Visibility: To Restrict Visibility to a New Company, which is a prerequisite activity.

Step 1: Specifying the Default Price for a Non-Stock Item

To specify the default price for a non-stock item, do the following:

  1. Open the Non-Stock Items (IN202000) form.
  2. In the Inventory ID box, select CONSULT.
  3. On the Price/Cost tab, in the Default Price box, specify 65.

    Notice that multiple boxes in the Summary area and on the Price/Cost tab have the C$ symbol, indicating that the prices and costs are in CAD, which is the base currency of the company to which you are signed in.

  4. On the form toolbar, click Save.

Step 2: Processing an AR Invoice

To process an AR invoice in CAD, do the following:

  1. Open the Invoices and Memos (AR301000) form.
    Tip:
    To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New right of the title.
  2. Click Add New Record on the form toolbar, and specify the following settings in the Summary area:
    • Type: Invoice
    • Date: 1/30/2024 (inserted automatically)
    • Customer: EASYDINER
  3. On the Financial tab, notice that in the Branch box SLCANADA is selected. This is the originating branch of the document.
  4. On the Details tab, click Add Row on the table toolbar, and specify the following settings for the added row:
    • Branch: SLCANADA (inserted automatically)
    • Inventory ID: CONSULT
    • Quantity: 5
    • Unit Price: 65 (inserted automatically)

      This is the default price in CAD that you specified for the non-stock item in Step 1.

    • Ext. Price: 325 (calculated automatically)
  5. On the form toolbar, click Remove Hold, and then click Release to release the invoice.
  6. On the Financial tab, click the link in the Batch Nbr. box to review the generated GL transaction on the Journal Transactions (GL301000) form.

    The transaction has been posted for the SLCANADA branch and the SLCANADA actual ledger. The transaction currency is CAD, because you specified it for the customer on the Customers (AR303000) form.

    If you click the View Base box in the Summary area, the amount of the transaction is displayed in the base currency of the originating branch, which is CAD.