Creating a Derived Currency Price

Follow these steps to specify a price in a foreign currency that is derived from another currency based on the latest currency spot rate:

  1. Identify a Prices record that is in the base currency from which you want the system to derive a price in a foreign currency.
    • If one does not already exist, create a Prices record for the base currency (typically, this is your organization's functional currency).
    • For this Prices record, the base currency appears in the Currency Type field.

  2. Open a new Prices record and enter a Name.
  3. Leave Price set to 0.
  4. Enter the foreign currency in the Currency Type field.
  5. Enter the base currency in the Derived From field.
    • As shown in the figure below, the product's price in Euros will be derived from the price of a corresponding Prices record that is in US Dollars. The Order Entry system calculates the price in Euros at the time the product is added to an order using the latest Euro-to-US Dollar spot rate configured in Aptify.

  6. Configure the other price options as necessary to match the options of the corresponding base currency's Prices record.
  7. Click OK to close the Prices record.
    • Note that the price in the product's Pricing Table appears as 0. The system calculates the derived price at the time the product is added to a foreign currency order using the latest currency spot rate information.

  8. Configure additional derived Prices record as necessary to mirror the Prices records you have established for the base currency.
    • For example, if you want to derive a price in Euro from the corresponding Member and Non-Member prices in US Dollars, you need to create two derived Prices record for the Euro currency: one that maps to the Member US Dollar price and one that maps to the Non-Member US Dollar price.

    See Configuring for Foreign Currency Transactions for more information using multiple currencies in Aptify.

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