Concept: Item Currency
The items that you add to Workday have their own currencies. These items include:
- Purchase.
- Supplier catalog.
- Punchout.
- Change orders.
- Purchase orders.
- Requisitions.
- Supplier contracts.
- Supplier contract amendments.
- Supplier invoices.
- Supplier invoice adjustments.
The value of item currencies can change between invoice and payment, leading to realized gains and losses.
Example: You buy an item with a price of £5 UK from a UK supplier that agrees to send you the invoice in British pounds. When you receive the supplier invoice, Workday converts the item value to the current transaction value of $10 US. Exchange rates change over time and can result in a foreign currency exchange gain or loss at payment time. When you pay the $10 US, the amount could convert to £4.5 or £5.15.
You can use the
Create Purchase Item
task to set item currencies.