Assigning a Foreign Currency Price to a Sales Item
With the Multiple Currencies feature enabled, you can assign foreign currency prices to your sales items at each price level. You can assign prices to items for each currency for which you have created a Currency record.
These foreign currency prices eliminate the exchange rate risk for a customer that uses the same foreign currency assigned to an item. However, this shifts the exchange rate risk to your company. The foreign currency item price might not change, but the base-currency price fluctuates with exchange rates.
To assign a foreign currency price to a sales item with Multiple Prices turned off:
-
Go to Lists > Accounting > Items.
-
On the Items list, click Edit next to the item you want to create a foreign currency price for.
-
On the item's record, click the Sales/Pricing subtab.
-
Enter the price, denominated in the foreign currency, as an Alternate Price.
All items must have a Base Price entered in your base currency.
-
Repeat step 4 for each price.
-
Click Save.
To assign a foreign currency price to a sales item with Multiple Prices enabled:
-
Go to Lists > Accounting > Items.
-
On the Items list, click Edit next to the item for which you want to create foreign currency prices.
-
Click the Pricing subtab.
-
Click the currency subtab for which you want to set prices.
-
Enter a price, in the selected currency, for each price level.
-
To enter prices in another currency, click the appropriate currency's tab and then enters prices in that currency.
-
Click Save.
When you enter transactions for a customer that uses a foreign currency, the customer’s price is the price you entered for the customer's currency. For items without a defined price in a foreign currency, note the following. NetSuite converts the base currency price into the default foreign currency used by that customer. If you select a preferred vendor for an item, NetSuite displays the purchase price for that item in the preferred vendor's default currency.