QuoteWerks has a feature that allows you to enter the foreign prices of products that you purchase from foreign countries into the product definition in the product database. QuoteWerks then calculates the cost of the product in your local currency using an exchange rate. The following is an example of how to use this feature:

Let’s say that your company is located in the United States. You purchase some of your products from a company in the UK, and the price lists that you receive from this UK company are in British pounds. You can setup these products in the QuoteWerks product database, and on the Pricing tab, check the “Base pricing on foreign currency” option. Then, enter the cost, price, and list of the product in British pounds, and then select British pounds (GBP) from the Foreign Currency drop down list. In the “standard” cost, price, and list fields, you will see that QuoteWerks has calculated the United Status dollars cost, price, and list values for this product. In this example, it is required that you setup the convert from currency rate between British pounds and United States dollars before you setup this product in the product database. To setup the currency rates, choose the Utilities -> Exchange Rate Maintenance menu.

Continuing with this example, let’s say that one week later, the exchange rate between British pounds (GBP) and United Status dollars (USD) has changed. Once the exchange rate changes, the USD prices that QuoteWerks calculated for the product priced in GBP will now be incorrect.

To update the USD prices for these products, you will need to update the Convert From exchange rate under the Utilities -> Exchange Rate Maintenance menu, and the select the Utilities -> Update Product Database Local Currency Pricing menu. This utility will cycle through all the product databases, and recalculate the local currency pricing for all products that have their pricing based on a foreign currency using the latest exchange rates entered under the Utilities -> Exchange Rate Maintenance menu.

The foreign pricing feature also works very well for companies that have offices worldwide. The corporate headquarters office can create the entire product database specifying the foreign price of all the products in their own native currency. The reason for doing this is simple. When this is done, the price of the product and the currency of the pricing are stored in the product database. When the product database is sent to different countries, the QuoteWerks users in the different companies will set their convert from currency, and run the Utilities -> Update Product Database Local Currency Pricing menu. After running that utility, their product database will now have price for all the products in their countries local currency. So, effectively, an international company can create one product database that can be used for pricing by all their offices in all the countries they have offices in.