Last updated 22/01/2021
By default new Purchase Orders use your base currency. To create a Purchase in a Foreign Currency:
Cin7 uses an approximate exchange rate to convert the Purchase Order to your base currency. This provides a working rate until you pay your bill.
Once you have finalized payment through your accounting software:
The following information only applies to those using the Perpetual Accounting Method.
COGS for Sales Orders are generated when items have been dispatched, and the order has been invoiced. In some situations you may sell and invoice goods you have received before you have paid for your Foreign Currency Purchase. This is completely fine provided the final payment in your base currency is entered within 6 weeks of the order being received. Cin7 will create initial COGS based on the approximate conversion, and then check for updates periodically for 6 weeks.
If you do not plan to have paid the invoice within the 6 week period, then we recommend entering the closest estimate possible to minimize the discrepancy.
Cin7 supports all major currencies and can add additional currencies upon request. Please contact Cin7 Support for additional details.
Our exchange rate is pulled daily from XE.com. It is recommended that this rate is only used as an estimate; for greater accuracy, see above.
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