How to Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software

 

Internationalization is the natural growing path to make full potential of technology advantage, manufacturer power, and markets benefits so as to get the highest return of your business.   As a leading quotation software and invoice software in the market QwikQuote has all infrastructures and functional features ready for your International Trade Business.  Make effective use of the following features and functionalities built in our Quoting Software and invoicing software in your actual sales quote software environment will make your multi-nation international quote software environment efficiency fly-high.

 

This document will detail those infrastructures, functionalities, and features in our quote software and invoice software package with screenshots.  You can also watch the video that is to show how those infrastructures, functionalities, and features in live.

QwikQuote has the following basic abilities implemented in the Alternate Currency and Exchange Rate features

·         Define any country-currency formats and exchange rates you might use in your business.
    (by default, use the Windows OS country-currency)

·         Use any country-currency in a quote

·         Use any country-currency in a quote in alternate country-currency to send the quote to your foreign customers in their native currencies.

·         Use any country-currency in a price list database

·         Use any country-currency in a price list database different to each Product/service item in it.

·         Use your defined country-currency in anywhere and any combinations such as
Item country-currency, quote country-currency, alternate country-currency, reporting and accounting country-currency.

 

To implement the above QwikQuote has the following abilities implemented in the Alternate Currency and Exchange Rate features

·         Define any country-currency formats and exchange rates you might use in your business.
    (by default, use the Windows OS country-currency)

·         Use any country-currency in a quote

 

You can have many usages in your business to use those features and abilities
without limitation to your imaginations and creativities.

 

In this document, we introduce you to the basic usage in the typical business practice
similar as one to have product/service items from different country-currency
and sell your product/service items to different country-currency customers.

 

Depending on the QwikQuote versions, the Windows OS versions and editions, 3rd party application you might use
the actual UI and steps might have a little difference, but the basic concepts should be applicable in all cases.

 

There are 4 concept steps involved to implement Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software

1.    Define exchange rate entries that include information of County/Currency name, format settings, and exchange rate, etc.
and select them to be used as Price List Currency, Quote Base Currency, Alternate Currency 1 and Alternate Currency 2
in your quoting software setups.

2.    Enable the feature to feature of Store and Retrieve column settings in Layout in the quoting software system
and use Save as to easily and quickly create a special Layout for each foreign currency you intended to use.
Make corresponding changes to make the layout more descriptive and identify its usage in the quote software system.

3.    Choose corresponding foreign currency column/field settings for each layout you want to use with corresponding Layout,
make corresponding column header changes to more descriptive of new selected currency field
and explicitly use menu command to save the column/field settings to that layout file in the quote software system.
(Note: those 3 steps are called preparation steps – that is to get ready for the 4th step below.)

4.    After you make a new quote or open an existing quote in you quote software system
you can send it in foreign currency with appropriate exchange rate applied to your foreign client
only by choose corresponding layout file from the Document Type dropdown box
and press one-click-send email button on the Quote View window
the PDF quote file in corresponding foreign currency will be attached to your email
the same process as you do with domestic customers – pretty straight forward, simple, and easy.
(Note: this step is called application step – the most convenient approach to send your quote in foreign currency in the quoting software.)



A.                Important Basic Concepts

 

The following important concept used herein after regarding the features with QwikQuote Alternate Currency and Exchange Rate features and functions. 

 

1.  Base Currency:

 

The Base Currency is the Currency used for a quote to save currency values in disk files.

 

The Base Currency is used for reporting in your quoting software system in case you use the reporting features in the quoting software.

 

The Base Currency is used for accounting currency if you use the accounting features with 3rd party software such as QuickBooks.

 

The Base Currency is used for export currency when you export a quote to other form such as Excel sheet.

 

The base currency it the center or pivot in all the Alternate Currency and Exchange Rate features in your quoting software system.
All Item Currency must be transferred to the quote base currency when it is picket into current quote.
All Alternate Currencies are calculated from the base currency.

 

By default, if you installed QwikQuote on your computer the 1st time,
the Base Country-Currency is the Windows OS currency you defined or modified

 

You may need to close QwikQuote and re-open it again after you make changes or modified your Windows OS currency settings,
this is because QwikQuote only check the Windows OS currency settings when at its starting up
but will not check and handle the OS update message while it is running.

 

In case you need to use quote base currency other than your Windows OS default currency,
you can choose Quote Base Currency you want to use from QwikQuote 6 Options dialog, Quote/Order tab, QwikQuote Exchange Rate dialog
similar as screenshot shown below:
  

 

Note:        When you choose quote base country-currency to be different from the Windows OS country-current settings
            you must be careful possible conflict with your other applications affected by accounting, reporting, exporting price values.

     

 

2.  Customized Country-Currency Format and Exchange Rate Entry

 

In any case when you want to use Country-Currency other than the Windows OS Default in QwikQuote Alternate Currency and Exchange Rate features
you need to define them first and then choose to use them for any purpose in different functions of the features.

 

Theoretically in math combination, there might be possibly hundreds of thousands in view of all countries and currencies and their exchange relations.
This makes trying to list and define them all is not an easy task and possible variations are not know at any moment.
However, in practice, most QwikQuote users only define and use a few Country-Currency format and exchange rate entries used in their business.
We see only a few very big international trade corporations have over 20 entries they defined and used in their quoiting software system.

 

An entry has 3 key parts –

·         From Country-Currency and To Country-Currency

·         Currency format and samples showing effect

·         Exchange rate

 

Depending on where it is picked to be used, each part in an entry will effect differently.

·         When it is listed and picked for Price List usage,
the From Country-currency and the currency format will be used showing pricing values in Price List View,
the To-Country-currency must be the same as the quote base country-currency to be listed for selection
and the exchange rate will be use when an item is picked and calculated pricing values into current quote
(
Note:       If an item has its own Country-Currency-Exchange rate values defined, they will be sued
                  this is each item’s own definitions was handled with higher privileges over general price list country-currency settings.)

·         When it is listed and picked for picking as Base Quote Currency usage,
the From Country-currency and the currency format will be used,
the To-Country-currency will be ignored,
the exchange rate will be ignored.
(
Note:       We strongly suggest you to use consistent Quote Base Country-Currency.
                  Though it is OK to use different quote base country-currency in QwikQuote
                  it is highly possible to get confused in accounting and reporting until you have a clear idea what you have done.)

·         When it is listed and picked for Alternate Currency usage,
the From-Country-currency must be the save as the quote base country-currency
the To-Country-Currency is the target currency
the currency format will be used to display to the target currency
the exchange rate will be used to calculate the target currency price values from the quote base currency
and a special layout file will go with it to present the quote in PDF file to your client.
(
Note:       You must enable the feature to save quote column setting in layout
                  so that you can save you effort to set-reset column setting for each alternate country-currency.)

 

You can Add New country-currency definition, delete them, or modify then on the QwikQuote Exchange Rate dialog
similar as screenshots shown below:
 

The Add New, Modify, Delete operation is straight forward as any general Windows Form actions that no need for accumulative descriptions

Note:        For any value you want to use but not in the corresponding dropdown box,
            you can just type in whatever you want and that will be saved and use.

3.  Understand Windows Default Currency Settings


Though QwikQuote allow you to use any Currency Settings in a Quote as long as you defined it and that can be displayed in the Windows OS
    however, we strongly suggest you to use Windows default Currency Settings as quote base currency. 
    This is because in most cases the accounting and reporting and other currency usage cases are using Windows default Currency Settings.
    Keeping Quote Base Currency consistent with Windows default Currency Settings will make understanding among them simpler.

To understand what is the Windows OS default Currency settings,
    Try to click at Regeon and Language on the Control Pannel,
      similar as screenshots shown below:
 
And then Clic at Addtitional Settings to show Currency Settings
      Similar as screenshots shown below On Windows 7 computers:
 
On Windows XP computers, you can set or modify your currency settings similar as below:
 
On Windows 8 computers, you can set or modify your currency settings similar as below:
 

Note:  As se said above, though you can use any currency settings in QwikQuote quote view,
      however, to keep consistant with reporting and accounting and other programs in the system,|
      we strongly suggest you to use Windows OS default Currency Setting as quote currency settings.



B.                Implement Details of How to Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software

 

The following detailed steps describe how to implement the feature to Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software

 

 

1.  Enable the Quote Exchange Rate Feature in the Quoting Software

to use QwikQuote Quote Exhange Rate, you need to enalbe the feature first.

You do this by Click at Options button to show QwikQuote 6 Options dialog
    and then click at the Quote/Order tab
    and then click at the Exchange Rate button that is to bring up the QwikQuote Exchange Rate dialog window
       on the exchange rate dialog window, you need to check the Enable Echange Rate on Quote checkbox
       and choose the default quote Country/Currency to use – better consistant with Windows default currency settings
    such as the screenshot shown below:
 
Note:  As you can see, each quote is supported to upto 2 Alternate Currencies to be sued with foreign currency you choose to use.
            If you need to use a quote for more than 2 currencies for the quote other than the base currency,
                then you need to choose more than once by repeatly use the re-name same qoute file.
            If you are not sure how to play this trick, contact QwikQuote tech support for GoToMeeting support to show you how to do it.

2.  Check and test the Currency Format to Use in your Quoting Software

For each foreign currency you are going choose to use,
   It is automatically selected in the list and its details are shown on th lower part of the windows
   so the you can test and modify the currency display settings,
      such as the screenshot shown below:
     

Note:        As you can see, for one is picked as the Quote Defual Base Currency,
                  the From Country/Currency and To Country/Currency are automatically enforced to as the same – pointed to itsself.


You can choose and test its display effect with the controls in the lower part of the dialog window.
    When you feel satisfied with the currency display settings, you ma press OK button to save it or choose other options.

You can define and choose other currency settings you might use that is from the Quote Base Currency to the currencies you defined.
    For example, with the quote base currency to be the same as Windows OS default Currensy
       but we need to use Euro to send the same quote to customers in Europe Countries,
       then you define and choose from United Stats/Dollar to Europe/Euro in the exchange rate entries list,
       and check and modify the display settings of the defintion to use
      similar as screenshot shown below:
     

Note:        For the exchange rate definition to be shown in the dropdown list of the Alternate Currencies
                  the From Country/Currency must be the same as the Quote default Base Country/Currency

                  and the To Country/Currency is the target currency you foreign customer need to see.

Smilarily we define and choose to use Albania/Lek to be used and default Alternate Currensy 2
      such as the screenshot shown below:
     

Note:  In case you need to use some settings that are not in the drompdown list,
            you can simplely type whatever you want to use manually in corresponding entries of currency display settings.
            When you click the OK button, they will be saved into exchange rate database.
 

Note: The format is saved under the From Country/Currency entries.
           However, its usages will depending on whether it is used as Price List, Quote Base Currency, Alternate Currencies.
.
Note: in case you need, you can add entries by press Add button .


3.  Enable Feature to Store & retrieve column settings from Document Types (Layouts) in the Quoting Software

The feature to Store and retrieve column settings from Document Types (Layouts) is extremely useful when you need to send a quote in an Alternate Currency.
You must choose to set to Store and Retrieve column settings from the Layout you choose to use
    such as the screenshot shown below on the layout tab:
       
With this feature enabled, you can use only one action
    – select the right document type (Layout file) to use in the quote software from the Document Type dropdown box
    to change all column settings of a new quote or existing quote opened in the Quote View in the quote software,
    making ready for sending it to your foreign currency client in printer copy for PDF file format.
    Refer to the details below in this document.


4.  Create a Layout for Each Foreign Currency you want to use in your quote software

You need to create a special Layout for each foreign currency you want to use for a quote.
This to prepare a layout for it to save the column settings that will use pricing fields of the corresponding currency you specified.

The quick, simple, and easy way to create a new layout for this purpose is to use Save As menu command on the Layout view
and then choose the layout file name to best describe the purpose of the Layout file usage
    so that you can better understand its meaning when you manage your layout files in a long run
    such as the screenshot  shown below:
     

Then the Layout Properties dialog will show up for you to set new Layout Properties:
     
The most important Layout Properties is the Layout Tittle that is to be listed in the Document type list box
    and that is the one you most possobly used to identify with other layout files.

Note:
Historically in the old DOS days with only 8 chars allowed for the file name
           the layout propertiy Title is most convienent approach to describe layout purpose in the quoting software.

Note:
Nowadays the computer file system allow longer file name.
           In this case, we strongly suggest you to use the same Title property as the real file name
               this will be easier for you to remember and manage and/or backup your layout files in the quote softeare system.

The newly create layout file for our Euro currency is listed in the Document Type listbox for the current quote.
    It can be chosen to be applied for any quote as long as you want to use it.

Also in this layout file you can use label or RTF text to show the purpose of this layout just created by way of Save as,
    such as screenthot show below:
 

Note: The sheet part of the layout will be decided by the column settings you see in the Quote View.
           We will come to it in details later in this document in the quote software setups.

Note: Please remember to press the Save  button to save layout changes before it can take effect.  

Note: You can create as many Layout files as you need in your quote software system for different foreign currencies
           the same approach as we do in this sample quickly and easily.


 

5.  Choose the Alternate Currency Fields to Use for Each Corresponding Layout you created in the quoting software

 

The next key step is to choose the Alternate Currency Fields to be used for each special Layout you created in the step above in the quoting software system.
    And then you need to explicitly choose to save the selected column settings into the corresponding layout file to be prepared for later usage in the quote software.

To do this, let’s create a new quote and press the Options button  to select Alternate Pricing Fields for it:

In our sample, the normal column settings include the Currency Fields Pricing and Extend.
    Now we change them to as Alt. 1 Price and Alt. 1 Extend fields:
    Such as the screenshot shown below:
 

The effect is to replace the corresponding the normal or quote base currency fields in the Quote view as below:            
 

When you feel satisfied with the currency fields selections then press OK  button to see the effect in the quote view,
    such as the screenshot shown below:
 

Then you normally need to change the column header to normal descriptions of the currency fields
    by double-click at the column header of that column,
      such as the screen shot shown below for the Pricing column:
         

After make the corresponding column header change for the Atl. 1 Extend column
    then we select the Document type of AltCurr_Euro from Document type dropdown box
    and then choose the menu command Format/Save Columns to Layout
       so that the layout will have the column settings we set in the Quote view widow for later usages,
       such as the screenshot shown below:
 

     
Now we have everything prepared for to create a quote the normal way you do as for quote base currency
    and send it in foreign currency you set in only one extra click – by choose the right document type of it to use
    - pretty simple and easy process in your quote software usage.


6.  Use Exchange Rate and Foreign Currency in a Quote

With the preparations we did above, to use Exchange Rate and Foreign currency in a quote practice become very simple and easy process.

1st make the quote in the base currency as we normally do for a new quote or just pick an existing quote from old quotes folder.
    In this example, let’s start from create a new quote
 
When you press the PDF  button to create the PDF file document to send to your client,
    it is create a normal PDF docment file normally with the quote base currency
     – the same as the Windows OS default currency
      such as the screenshot shown below:
     

To send the same quote to your potential customer in Currency Euro,
    you only need to choose the Dcoument Type to the AltCurr_Euro by the Document Type dorpdown box
    and the column settings are changed to the ones in that Layout file you saved before
    and the corresponding Currency Columns are showing curency in Euro with the right exchange rage applied,
      such as the screenthot shown below:
 

Now when you press the PDF  button to create the PDF file document to send to your client,
    it is create a with the Alternate Currency Euro in PDF docment file specially set for that currency
      such as the screenshot shown below:
     
It might be surprise to you that the summary is stail in US dollar – the quote base currency.
After a lttke check with the layout of those field we know that they need to use corresponding alternate 1 currency too”
 

After we made corresponding changes to the layout Fields to correspoing Alterante 1 currency fields,
    the summarry part of the layout looks as screenshot shown below
    and you should press the Save button  to save the changes before it takes effect.
 

Voila, now when you press the PDF  button again to create the PDF file document in your quote software to send to your client
    with the foreign currency and exchange rate you need to apply all in place.
      Tthe final PDF file looks as screenshot shown below:
     
This time, it seems close to the one we are looking for so now.

Note: As long as you have the right PDF file created, you can send to you client the same way
           as just press the one-click-send email button he sheet part of the layout will be decided by the column settings you see in the Quote View.
           We will come to it in details later in this document in the quote software setups.

Note: You can see that the actual usage of the QwikQuote to send quote in forergn currency is pretty easy and simple.
           If you still having difficulty to implemented in your quoting software setup,
               you can contact QwikQuote tech support to use GoToMeeting to guide you the process on your computer.


 

7.  Quickly Set/Modify Alternate Country(Currency) and Exchange Rate for the Current Quote
In case you need to set/modify current quote exchange rate, you can press the Exchange Rate button  to set/modify exchange rate only quickly.    
Such as screenshot shown below:

 

Note: 
The exchange rate value you modified is only save temporarily for current QwikQuote usage in the quote software..
            The value does not saved in the Exchange Rage database as you do on the QwikQuote Exchage Rage dialog window..


Note:  By this approach, you can actually send quote in more than 2 foreign currencies – in fact any foreign currency   
            - as long as you have corresponding Country/Currency and Layout file defined in your quote software system.


 

8.  How to use Exchange Rate on Product-Service Item

The product item exchange rate feature is to let you calculate item price when it is from other currency other than quote base currency.
You can set a default currency that is different to Quote Base currency and do item price exchange rate when the item is pick into a quote.
Or you can set each item from different currency and set its exchange rate one item by item.
You can also show the item exchange rate as a column for you to check and modify in case you need to.

you can refer to the following page for more details:
    http://www.qwikquote.com/HowTo_HTML/How to use Exchange Rate on Product-Service Item.htm

 

You can imagine that by combine those two features together in QwikQuote Quoting Software,
   you can deal with most complex multi-nations and multi-currencies trading requirement in your quoting software.

 

 

 

9.  Need More Help with foreign currency and exchange rate issues in your quoting software

If you need help in above steps or regarding foreign currency and exchange rage issues in your quoting software,
please feel free to contact QwikQuote Tech Support at support@qwikquote.com.  
We can use GoToMeeting help and guide you implement above features in your quoting software quickly. .

 

 

Enjoy your QwikQuote – the most long-living, simple and easy to use Quoting Software in the market.