This article will guide you through the process of understanding, updating, and managing currencies and currency conversions within Genie. By using this feature effectively, you’ll be able to ensure accurate cost tracking across international suppliers and gain clarity on how currencies are applied throughout your purchase orders.
Understanding Currency Management in Genie
Genie uses your Shopify store’s default currency as its base currency. This default is automatically synced upon app installation and is used as the reference for all currency conversions within the platform. You can view this currency in Shopify or in the inventory value section within Genie.
While the base currency remains fixed unless changed in Shopify, Genie allows you to create purchase orders in alternative currencies and apply conversion rates, giving you the flexibility to work with international vendors.
Applying Currency Conversions to Purchase Orders
Currency conversions can be applied at the purchase order level to help track the value of goods in the correct currency. Here's how to do it:
Step 1: Navigate to the Purchase Orders section in Genie.
Step 2: Create or open an existing purchase order. This is where you'll deal with currency conversions and other currencies.
Step 3: Click Edit to begin modifying the order’s currency.
Step 4: Open the Currency dropdown to choose a primary currency for the order.
Step 5: Select a currency that matches the supplier’s invoice or agreement. This will become the order’s primary currency.
Step 6: If the selected currency differs from your Shopify default, you’ll see the option to Add a conversion rate.
Click Add to set up a conversion rate. Genie will guide you to:
Select the target currency (e.g., USD).
Enter a manual conversion rate, or allow Genie to generate one for you.
Step 7: Click Apply, then Save.
The conversion will be applied across all relevant costs in the purchase order, including product costs and additional fees like shipping (within the PO only).
When you exit the purchase order and return to the table view, the converted amount will be reflected in your primary currency.: Not all values are affected by the conversion. Payments and shipping costs retain their own currency values.
Note: This currency does not apply to payments or specific shipment costs. Both payments and shipments will have their own sections to add currencies and conversions.
If you want the payment to match the order's currency, make sure to select the correct currency in the currency section when creating the order. The currency and value you set will always be visible inside the purchase order, and once you save and exit, the order will continue to reflect the main default currency of your account.
Managing currencies and conversions in Genie allows for greater flexibility in handling international suppliers and maintaining accurate financial tracking. Use these tools to align your purchase orders with supplier currencies and gain better control over your global inventory costs.
Thank you for reading this Help Center article! Our goal is to help you become an inventory pro. If you have any other questions, feel free to reach out to our team, book a meeting, or explore more of our Help Center for more guides on navigating and configuring Genie. And if you want more information on building analytical views check out our guides on the inventory table and creating new views.
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