How to use Exchange Rate on Product-Service Item

 

In some business scenario, a company import products from different countries and sell them to other countries.  The price provided by those different countries are most possibly in their own country/currency.  This scenario needs to convert the price in different country/currency to the quote country/currency, called quote base country/currency in previous releases in our quoting software.  

 

To meet this business requirement, QwikQuote has added the feature called
"Exchange Rate on Product Item" in the quote software setup package.

   

This feature is available in release 6.3.003 or later. 
    Normally, when you download from QwikQuote web site below:
    http://www.qwikquote.com/download_Setup.html
    http://www.qwikquote.com/Download_Update.htm
        the feature should be included in the latest releases.

Note:

The exchange rate in QwikQuote is designed to meet most challenging multi nation business scenario in the quoting software, It is strongly recommended that you do an analysis of your business pattern to design a framework of the exchange rate you need to use in your quote software, so as to make full use of the functionalities of the exchange rate in QwikQuote quoting software.  And at the same time to make your work with your quote software keeps simple, easy, and high efficiency.

Define an Exchange Rate

An exchange rate has to be defined in the Exchange Rate Info Table in the QQPLExRate.MDB as an entry or record before it can be used. 


An exchange rate record should clearly state its From Country/Currency and To Country/Currency, Exchange Rate, Format Style, and intended usage in the quote software.  Though the program is always tries to find the reasonable information to help you make a choice and/or decision as well as the daily routine work as efficient as possible with your quote software, that makes the partial information still being able to be used effectively in case of rather simple scenario in the practical usage, but a complete exchange rate definition will make things easier and less confusion, hence warning messages. 

 

To help get this job done, a utility program called QwikQuote Exchange Rate is provide and can be called from either Options dialog such as screen shot bellow in the quoting software system:
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image001.jpg

and from menu in Quote view such as screen shot bellow:
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image002.jpg

 

By either pressing the command button or click at the menu command in the quoting software setup the QwikQuote Exchange Rate dialog will be brought up, such as screens shot bellow:

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image003.jpg

 

At the top left is the most important 2 check boxes are used to enable exchange rate on quote and price list called Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image004.jpg and Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image005.jpg. You have to check corresponding check box to enable the feature in the quote software. 

 

At the top right is a group dropdown box used to select quote default country/currency and Alternate country/currency when the quote exchange rate is enabled. 

 

The checkbox Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image006.jpg is used to control is the exchange rate decimally digits is auto used if it is possible to loose accuracy when the exchange rate has longer decimal digits that quote default.  Exchange rate in QwikQuote can use up to 6 decimal digits.

 

The checkbox Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image007.jpg is used to control whether to check the usage specified by the value in the Usage field to group and search the records defined in the exchange rate table for matching and filling the dropdown box item list.  For example, if it is checked, the when picking an item, it will only check those records marked as usage field value of Price List.

 

The Usage field also allows you to address the same country/currency with different exchange rate, such as buying price and selling price in bank, to address item exchange rate and the corresponding quote exchange rate in the quoting software.

 

The Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image008.jpg is used to control how long the last updated exchange rate is effective before warning you for new exchange rate update in the quoting software setups.

 

If the quote exchange rate is not enabled in the quote software, a number of related control to this feature will be disabled, such as screen shot bellow.
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image009.jpg

 

This release is different with the previous releases that this release allows the same country/currency pair to be in the same table to be used for different purposes (usages).  For example, some company like their accounting exchange rate rather fixed in a period in the quote software usage, while the exchange rate for normal daily use might change by day or even by hour out of your quote software control. 

 

The middle part of the dialog window is a list of the exchange rate record in the Exchange Rate Info Table.  To save you efforts to define an exchange rate, 62 records of country/currency to-and-from United States is predefined.  If you do not use many of them in your quoting software you can delete them and add the ones you need to use.  Or modify the exist records to meet you requirements in your quoting software system.

 

The lower part is to help your edit an exchange rate that is selected and test its display formats and display effects in the quote software.  

 

Note:

Because of the different computer might supports only limited set of char sets used for display currency in its correct format in your quote software setup, some display might not show correctly on your computer.  This might not be a problem for they should be shown correctly in the target computer where the right char set is available and the quote software is installed.

Note:

The Exchange Rate Info Table allows not only the multi-to-multi relationships in the from-and-to country/currency to be defined to meet the business scenario of import product from multi nations and sell them to multi countries, the same From-and-To Country/Currency relationship can also be defined multi times to be used for different purposes.  When all rather complex scenarios are the case, try to make is orderly and make the definition clean is a good style to not get confused in the quote software system.   

 

 

To enable this feature, in the Advanced II Tab of the QwikQuote 6 Options a checkbox called Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image010.jpg is added, such as shown in the screen shot bellow:
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image011.jpg

 

If the checkbox Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image012.jpg is not enabled in your quoting software, everything when picking item is behavior as before in the quoting software system.

 

When Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image010.jpg is enabled in the quote software, to dropdown box allow you to select the quote default country and currency in the quoting software system.  This is a powerful feature in the scenario of doing multi nation import and multi nation export business at the same time.

 

Note:

This is not the same as the previous releases where the quote base Country/Currency was for display only.   This is the same in the exchange rate defining dialog.  We set it here is for the convenience that in most cases of practice usage the exchange rate definitions do not change for a relatively short period of time in your quoting software system.    

 

Note:

As of this release, the ability to use to country and to currency per item for quote is not allowed.  That is to say only one quote currency is allowed.  If your business really needs this ability, a customized copy can be release to meet your really complex business scenario.

 

Warning:

In most business scenario, you might only use 1 quote country and currency in your quote software setup unless your accounting and reporting application are able to handle this situation.  Otherwise, they might get confused with the quote total prices.

 

 

Use Quote Exchange Rate and Send Quote in Foreign Currency to your Client

 

There is not much change from the user’s point of view as before this update regarding how to use quote exchange rate and send quote in foreign currency to your client in the quoting software.  You will only see some enhancement only in the quote software, but the most of them are in the same pattern.

 

Refer to the document "How to Use Quote Exchange Rate" for details.  
    http://www.qwikquote.com/HowTo_HTML/How to use Quote Exchange Rate in your Quote software.htm   

And the document “How to Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software”
    http://www.qwikquote.com/HowTo_HTML/How to Make and Send a Quote in Foreign Currency in QwikQuote Quoting Software.htm

 

 

Edit Item Exchange Rate Info

 

In the Description tab of the Catalog view, there are 4 new fields are added for each item, to hold its exchange rate information in the quote software system.  The country field is used as From Country and currency field is used as From Currency for different prices values of the item, such as Cost, Retail, Target Price, Labor, Install, Custom Clearance, Freight, etc. in the quote software.  This is corresponding to fields in the Exchange Rate table called From Country and From Currency in the QwikQuote quoting software. 

 

If the item has to be in fixed Exchange Rate to the Quote Base Currency to meet some business scenarios, it’s Rate and the Flag to use it can be input as the screen shot bellow.

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image013.jpg

 

It is recommended that the Country and Currency information is available for each item.  Otherwise, a prompt message will show up and ask you to pick one from the Exchange Rate table.  The one you pick will be used to the item, as well as save the country/currency info back to the currency so that the next time it knows where to pick it in the quote software system.

 

Note:

It is case sensitive and no brief should be used for the country and currency name.  Try to use the one in the exchange rate table when the first installation set there to avoid name matching issues.

 


Determining Item Exchange Rate

 

The idea condition is a unique full match with the Item Country and Currency herein we call them From Country and From Currency and the Quote Country and Currency herein we call them To Country and To Currency.   This is the same as saying to apply exchange rate from the item country/currency to quote country/currency.

 

Since the feature is designed to meet the multi item country/currency and multi Quote country/currency, there are cases or entry mistakes that a unique full match is not able to find in the Exchange Rate Info Table in the QQPLExRate.MDB in the quote software system.  When this is the case, the fall back strategy to determine the item exchange rate to use is as follows.

 

First of all, to make a reasonable decision, we have to know the basic facts in the item country and currency info and the exchange rate list:


And the strategy used to determining the item exchanger rate in the quote software system to use is:

 

For example: if an item picked has only currency info but without country, and that currency only might hit 3 exchange rate records in the Exchange Rate Info Table of the quote software system.  The quote used country/currency information only skips out one of them if the usage check is enabled, the remaining 2 exchange rate candidates will be shown up in the pup up exchange rate dialog window for you to choose with the help info reflecting the condition.  It is you responsibility to decide what action to take.  If you select one, the information in the exchange rate list will save back to the item if it is missing of them so that when the next time the item is picked, the determination process will get better situation to make a unique full match scenario.  If you choose to cancel, no item exchange rate will be applied for the item in the quote software system.

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image014.jpg

 

Note:

Though the program incorporated the full fly multi to multi matching ability to meet the most complex business scenario to meet wide range of business demand and the usability of the application, it is a good practice to make you information in item and the exchange rate list as simple as possible for just enough for your business requirement in the quote software, so as to avoid confusion and complexity.  You can add more info as your business growth and you gathered experiences to handle more complex situations with your quoting software system.

 

Use Item exchange Rate

 

After the framework of your business exchange rate has been defined with much of the work concentrated on the information in the Exchange Rate Info table and the item prom country/currency, its exchange rate to the quote country/currency, the exchange rate application is quite automatic and flexible in QwikQuote quoting software package.

 

In the Price List View, a menu command called "Edit Item Exchange Rate" and 2 popup commands called "Select Item Exchange Rate" and "Edit Item Exchange Rate" are added to facilitate the call of this function, such as shown in the screen shot bellow.

           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image015.jpg

 

 

If called by the "Select Item Exchange Rate", the display is not in advanced mode to facilitate the Item Exchange Rate Selection in the quote software, such as shown in the screen shot bellow.

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image016.jpg

 

If called by the "Edit Item Exchange Rate", the display is in advanced mode to facilitate the Item Exchange Rate Edit and Selection in the quote software, such as shown in the screen shot bellow.

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image017.jpg

In the edit mode, you can use to country and to currency to filter the exchange rate items to display and edit the exchange rate to reflect the daily exchange rate changes.  When you save the update you made, the will be understood as today is the last updated date.

 

In both case above, the checkbox Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image018.jpg at the low-left of the dialog window can be used to swap the display stats in the quote software in case you need to do so.

 

Here is an example of how it is to be used:

 

The item 0001 in the sample price list database MakeACar.MDB in the quote software do not has the item exchange rate information defined yet.

            Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image019.jpg

 

When the item exchange rate is enabled in the quoting software, at the time of picking the item 0001 to a quote, a prompt box will show up with the entries defined in the exchange rate info table in the quoting software setup for you to choose.  Depending on the conditions that might occur, different live help information will show up at the bottom of the dialog to help you make the right choice.  Refer to the screen shot bellow:
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image020.jpg

 

Suppose we pick the China/Reminbi with exchange rate 0.1208, the $100.00 price will become 12.08 such as shown in the screen shot bellow.
     (The exchange rate is shown as a column for clarity.)
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image021.jpg

Note:

There is no way to manually change an item exchange rate after is applied.  This is because the exchange rate is a matter of Country/Currency, not a property of the item only unless you specify to use the fixed rate for that item (this case, you need not to change it either). 
If you have to change an item’s exchange rate after the item is picked into a quote, you have to change the exchange rate for that record in the exchange rate table or edit dialog, and then apply re-pricing quote menu command.

 

And the selected exchange rate will be feed back to the item 0001 as
           
Description: C:\Users\SFan\Desktop\qq_How_To\How to use Exchange Rate on Product-Service Item_files\image022.jpg

As you know, when the item 0001 is picked next time, the exchange rate information will be used without asking you again in the quoting software system.

 

New Behaviors to be added