You may notice that on the cost center, you can set the currency. At the same time, that is another setting to configure the main currency. What is the difference between each other?
Let's say your company has a branch in Singapore. The headquarter was in Malaysia. In Singapore, that is 1 cost center for Marketing & Sales. While in Malaysia, you may several cost centers for different departments.
For the cost center in SG, of course, the currency adopt would be Singapore Dollar(SGD), whereas the Malaysia Ringgit(MYR) would apply to the Malaysia cost center.
- The currency applied in a purchase order(PO) is according to the cost center. You request a PO under the cost center SG, then the currency would be SGD.
- The main currency is used in procurement reporting. Spending in other currency would be converted according to the conversion rate set in the setting.