[How-to] Use Multi-currency for Purchase Orders in EZOfficeInventory? 

Multi-currency allows administrators to enable multiple currencies alongside their base currency in their EZOfficeInventory account. Each vendor within the system is assigned a specific currency at the time of its creation, and all purchase orders for that vendor are processed accordingly. Transactions—including costs, purchases, and depreciation—are recorded in both the local and base currencies. 

Benefits of Multicurrency 

Having Multicurrency in your EZOfficeInventory account enables vendor facilitation, ease of international transactions and other benefits discussed below:

1. Global Vendor Enablement

Multicurrency enables organizations to streamline procurement from international vendors by associating each vendor with a specific currency. This automatically applies to all purchase orders for that vendor, simplifying future orders and payments, and reducing administrative overhead.

2. Clear Audit Trail 

Maintains precise and comprehensive financial records by capturing transactions in both local and base currencies. This ensures a transparent audit trail and provides detailed insights into procurement spend both locally and globally.

3. Accurate Cost Analysis via Exchange Rate Flexibility

Offers endless flexibility in setting and updating exchange rates within settings, as well as, at two separate stages of the procurement process i.e. purchase order creation, and payment against purchase orders.

Highly flexible exchange rate handling ensures accurate cost tracking and financial reporting for each transaction.The system also records exchange rate history minimizing financial discrepancies.

4. Local Office Empowerment

Enables local offices to procure & pay in their local currencies while ensuring that all transactions are recorded and reported back to headquarters in the base currency as well. This promotes operational autonomy while maintaining financial alignment with the headquarters.

5. Better Decision-Making with Detailed Reporting 

Enables decision-makers to monitor costs in both the company’s currency and the vendor’s currency, facilitating better decision-making and more precise tracking of procurement expenditures.

Read more: How to set up Purchase Orders with EZOfficeInventory

1. How to set up Multicurrency in EZOfficeInventory 

View the workflow on Scribe, by clicking the ‘Get Started’ button to go through all the steps.

2. How to add Vendors and create Purchase Orders with Multicurrency

3. How to print Purchase Orders with Multicurrency 

4. How to run Reports with Multicurrency