Purchase orders in foreign currency

[PacWestFX]

When purchasing items, how do you receive items that have been purchased on a purchase order using amounts in foreign currency? Such as the costs of the items on the purchase order are in American currency but once received I need to reflect the proper costs in Canadian currency, including any shipping, customs and duties costs.

[_Violet]

Hello @PacWestFX and welcome to the Square Community! My name is Violet, and I'm one of the Square Community Moderators. I'm happy to help you with this 🙂

After receiving the items, you can manually adjust the cost for each item to reflect the conversion to Canadian currency (CAD). This includes accounting for any additional fees like shipping, customs, and duties. If needed, use an exchange rate calculator to find the correct price in CAD, and manually enter these costs into Square to ensure accurate inventory valuation.

I'll also loop in some of our Square Champions, who use Square for Retail to see if they have any additional suggestions: @JessPoynter @StevenCheech @timberhillwine 

[PacWestFX]

Hello Violet,
So manually entering the cost is done by editing the purchase order or is it done in the item library section by editing each item? Also is it best to calculate the cost of goods by adding the shipping, customs and duties onto the price paid from the supplier or leave it as a whole extra cost? We need to accurately provide the cost of goods for our year end report.
Thank you,  Ed 

[PacWestFX]

Hi Violet, thank you for your response, did you see Ed’s other question/response to your answer below? We would love to know a step-by-step process of accepting orders through your PO system, we feel we’ve been doing it inaccurately in the past, therefore not having an accurate Cost of Goods Sold for our year ends.

a few more questions:

- why does Square not offer a ‘currency exchange’ line item that we can add the amount of exchange in (the difference from cost in USD or Pounds to our Canadian dollar) and adds that into each product item for us? Seems like a simple solution so we don’t have to go through every single entry manually, that is so laborious?

- once we have our exchange rate, in order to get an accurate ‘Cost of Goods’, do we add in the shipping and duties? Taxes down below in the tax line items correct?

- it would be a huge help if Square could show an “actual amount paid/date” with the “Landed cost” side by side, so when we repurchase (say from the US) it has our price negotiated with our suppliers, then we get our actual landed prices for costing retail, should all be laid out in one easy to read area on the “Item”’s back end, and not have to jump to PO’s.

- another problem for our company is that we cannot turn on “online sales” from your website software as we also have rental equipment as well as expendables for sale in our retail store, there is no way to separate these two sales, if we switch on the website then someone can purchase one of our $6000 machines for “$125” (rental fee per day), this actually happened first time we switched on the site, so in the 5 years since we have had Square we have NEVER been able to do online sales, customers call or email us.

These are pretty significant problems within the Square community, we see other comments with frustrated Square owners…why have these costing and website design flaws not been addressed and updated yet?

Please advise, I am sure Square wants their fees for online sales from us?

Thank you,

Gina (Co-owner PacificWest Special Effects) & Ed (Manager)