Bid prices are entered onto the Vendor Bids tab of a bid sheet using the vendor’s base currency, since this is how the bids will be received from the vendor. These bids are converted to the market base currency in the Bid Analysis sub-module so that bids in multiple currencies may be compared effectively. Bid Awards (contracts) are granted based on the vendor’s bid price in the vendor’s base currency. The Market Master sub-module displays the current contract price for each product in the market base currency, but also indicates the vendor’s base currency and bid in that currency (the actual contract price).
- Vendor Bids ((Purchasing > Vendor Bids) are entered in the vendor’s base currency.
- Bid Analysis (Purchasing > Bid Analysis) converts bids to the market base currency for comparison purposes.
- Bid Awards (Contracts) are created using the market base currency.
- Market Master (Purchasing > Market Master) displays contract prices converted to the market base currency in the "Cont Price" column, using the current exchange rate. These prices will change as often as the exchange rate changes. The actual contract price in the vendor’s currency ("VC Price"), Vendor Currency and Exchange Rate are also displayed on the Market Master screen.
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