Profit & Loss Statement in the same currency?

[thomas_lie]

Hi all,

I set a supplier in US dollar
and my local currency is Indonesian Rupiah

When I do GL-> Profit & Loss Statement,

the purchase is in USD and sales is in Rupiah

is there anyway I can set so the P&L or Balance Sheet is in the same currency, say Rupiah?

thanks,
Thomas

[phil]

The profit and loss and balance sheet will only show in the currency you set as the company default currency.

Main Menu -> Setup -> Company Preferences -> Home Currency

If Indonesia Rupiah is not there then you must set up the currency first

Main Menu -> Setup -> Currency Maintenance

[thomas_lie]

Hi Phil,

yes, the currency Indonesian Rupiah & USD are already setup correctly in Currency Maintenance

but the company nature is an importer, so I simulate buying from the supplier in USD (Purchase Order menu)
and when we sell it we do the Sales Order in home currency in Rupiah

I thought when we do P&L statement, the purchase is automatically converted according to exchange rate...

or maybe the program doesn't support it? I have to make the Purchase entry manually converted in Rupiah maybe?

[phil]

You then set the company home currency in

Main Menu -> Company Preferences to INR

Yes of course you can purchase in any currency - the rates need to be set up in Main Menu -> Setup ->Currencies and these purchases are converted to the local currency for the purposes of the accounting
the entries when you purchase stock and receive the stock is

DR - stock - we have goods on hand
CR - goods received suspense - we owe a supplier

note nothing is posted to the profit and loss account

[thomas_lie]

where can I check that the PO gets converted in the software or maybe database?

because in the P&L and balance sheet I can see the PO is specified in USD
whereas the sales is in Rupiah

(02-09-2012 07:13 PM)phil Wrote:  You then set the company home currency in

Main Menu -> Company Preferences to INR

Yes of course you can purchase in any currency - the rates need to be set up in Main Menu -> Setup ->Currencies and these purchases are converted to the local currency for the purposes of the accounting
the entries when you purchase stock and receive the stock is

DR - stock - we have goods on hand
CR - goods received suspense - we owe a supplier

note nothing is posted to the profit and loss account

[phil]

(02-09-2012 07:50 PM)thomas_lie Wrote:  where can I check that the PO gets converted in the software or maybe database?

When you create a PO it always stays in the currency you created. It will never appear in the Balance Sheet.

Only when you receive some stock will the balance sheet be affected - by the number of items received multiplied by the standard cost (or WAC).