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title: "Foreign Currency/Import Purchasing (FCY)"
canonical: "https://kb.myframeworks.com.au/space/PROSTIXV48DOC/31101505/Foreign%20Currency%2FImport%20Purchasing%20(FCY)"
format: markdown
---
Goal: ProStix allows for the purchase of products in any decimal foreign currency.  This is a feature coded module. If interested, please contact Sterland Computing for more details and pricing. Steps: Foreign currencies must be defined and exchange rates set for a given period. The exchange rate can be over-ridden at the time of entering in the purchase order. The default trading currency of the supplier is stored against the supplier.   The supplier invoice is processed in the foreign currency amount and entry of the supplier invoice calculates any gains or losses due to exchange rate fluctuations/inaccuracies. The gain or loss creates an adjustment G/L transaction to the unrealised exchange rate gain/loss account and can increase or decrease the product's average cost. Payment of the supplier can then be in the foreign currency allowing for the current exchange rate. It also may be in the local currency. Any fluctuation in exchange rate from that at the time of the invoice provides for further purchase gains or losses and again creates an adjustment G/L transaction to the exchange rate gain/loss account upon final closure of the document (payment). It also either increases or decreases the average cost of the item at this point if running average costing. Due to the periodic changes in exchange rates, there is also the option to report gains and losses against outstanding foreign currency liabilities (unrealised G/L account gains/losses). Only users with access to overseas purchasing can create, view or maintain overseas purchase orders. At the user level there is a flag 'Foreign Purchase Orders' to indicate if the user has permission to access overseas orders. Security checks if the user has permissions to create or maintain overseas purchase orders.