2 Replies Latest reply on Nov 23, 2009 10:11 AM by johnhorner

    working with foreign currencies in invoicing database

    johnhorner

      Title

      working with foreign currencies in invoicing database

      Post

      i currently have an invoicing solution that was developed for use in a single currency environment.  on the rare occaison that i had to create an invoice for a foreign currency, i would simply use the foreign amounts as if they were dollars, and then later after receiving payment, go back and change the amounts previously entered so that they accurately reflected how many dollars i received.  this is fine for an occaisional invoice but, of course, very clumsy.  if you ever need to reprint the invoice again in the foreign currency you would have had to make a note somewhere else of the amounts, and then re-enter then to print the invoice, and then change back again to dollars.  i now generate more foreign currency invoices and was wondering if there was an accepted or preferred way for setting this up.  for example, you could create two parallel sets of fields for unit prices, subtotals and totals (one for foreign currency and one for dollars) and have no real relationship between them and just use one for generating the client's invoice and the other (dollar) amounts for calculating sales totals and taxes.  or, you could set it up with a set of fields for "nominal" prices, subtotals and totals, and then a "final" amount which would be the "nominal" amount multiplied by the conversion rate (which would be "1" for dollars) at the time of payment.  and, of course i'm sure there are other ways to handle this.  does anyone know what the best method is for this?  any ideas would be greatly appreciated.

        • 1. Re: working with foreign currencies in invoicing database
          philmodjunk
            

          I would think that for purposes of printing your invoice, it would be most flexible to always enter your purchase amount in the same field regardless of the currency used. Your last method seems to do this.

           

          For a US$ based business, I'd have at least the following fields: Amt, Currency, Conversion Factor, US$ Equivalent

           

          You'd enter the amount and select the currency (you can set it to default to your most common currency). The conversion Factor would be looked up from a reference table of current exchange rates and US$ Equivalent would use the Amt and Conversiont Factor to compute the value in US dollars.

          • 2. Re: working with foreign currencies in invoicing database
            johnhorner
               ok... thanks.  i think that makes sense.  i have a foloow up question with regard to getting conversion rates, i know that there is a way (although i am not too familiar with it) to get information like google maps incorporated into filemaker, but is there a method to get current exchange rates imported into filemaker more or less automatically?  for example to get today's euro to dollar rate from the web with a single click or two?