Currencies
      Back to home
      2. Setup Files
      3. Currencies

      Transacting in a foreign currency

      How to create/process a Purchase Order, Production Invoice, Supplier Invoice, Receipt, or Payment in a foreign currency

      Creating an Invoice in a different currency

      An invoice can be created in a different currency from the Home Currency.

      NB if creating via an Estimate then the Invoice must be created in the currency of the Estimate.  If the database setting "Use Estimate FX rate for Production Invoices" has been set, then you will not be able to change the FX rate. If you invoice via the freeform option then you can invoice in another currency.

      1. Go to invoice creation wizard as normal Add/Add Production Invoice.
      2. Having entered the requisite information including Job No, Invoice date, Invoice basis, select the Currency from the the drop down list in the "CURRENCY" field.
      3. Check the button for the Currency rate to apply ie either Estimate FX rate, which will apply the FX rate set in the estimate.
      4. If you are invoicing using the Freeform option you will be able to Select the Currency . The default rate will appear which you can  change the rate to apply.
      5. Click "Next"
      Produce the invoice as would do normally and it will be produced in the selected currency and when approved will be posted to the GL at the currency conversion rate established

      Creating a Purchase Order in a different currency

      A Purchase Order can be created in a different currency from the Office Home Currency.

      If creating a Purchase Order from the Jobs/Purchase Order menu after having created the Purchase Order Header click “Save” button
      1. Click on the hyperlink for Currency
      2. Change the Purchase Order Currency by selecting the currencies via the lookup facility. 
        1. Click “Save and Close” button
        2. Produce the Purchase as you would do normally and it will be produced in the selected currency. NB the Purchase Order Header will show the Currency as selected

      When you receive the supplier invoice and process by quoting the Purchase Order in the Supplier Invoice screen, it will default to the currency selected in the Purchase Order.

      If creating a Purchase Order from an Estimate, the Purchase Order  must be created in the currency of the Estimate or the currency of the line item/s on the Estimate that you are creating the Purchase Order for. 

      Processing a Supplier Invoice in a different currency

      A Supplier Invoice received in a different currency from the Office Home Currency can be processed as follows;

      • After having created the Supplier Invoice Header including the Invoice Number click “Save” button
      • Click on the hyperlink for Currency
      • Change the Supplier Invoice Currency by selecting the currencies via the lookup facility. 
      • Click “Save and Close” button
      • Process the Supplier Invoice as you would do normally and it will be posted in the selected currency.
      • The Supplier Invoice Header will show the selected Currency
      • The system will post the supplier invoice to the designated GL accounts converting the transaction at the exchange rate for the currency to the Office Home Currency.

      When you come to pay the supplier invoice you will need to create the payment header and change the currency from the Office Home Currency to the currency of the invoice.

      • The Supplier Invoice Header will show the selected Currency
      • Click on the hyperlink for Currency

      Processing a Payment in a different currency

      A Payment can be made in a different currency from the Office Home Currency as follows;

      • After having created the Payment Header including the Invoice Number click “Save” button
      • Click on the hyperlink for Currency
      • Change the Payment Currency by selecting the currencies via the lookup facility. 
      • Click “Save and Close” button
      • Process the Payment as would do normally and it will be posted in the selected currency.
      • The Payment Header will show the selected Currency

      • Note that to enter a Payment which pays supplier invoices, the Payment header currency must be assigned in the same currency as the supplier invoices that it pays.

        Where the payment exchange rate is different to the exchange rate on the supplier invoice(s) it pays, the system will automatically generate a foreign exchange adjustment for the gain/loss resulting.

      Processing a Receipt for an invoice rendered in a different currency

      You can process a receipt for an invoice, which was rendered in a different currency from the Office Home Currency, as follows;

      • After having creating the Receipt Header click “Save” button
      • Click on the hyperlink for Currency
      • Change the Receipt Currency to the currency in which the invoice was rendered by selecting the currencies via the lookup facility. 
      • Click “Save and Close” button
        • Click on Receipt invoices
        • Select the invoice you wish to receipt and process as you would do normally

      • Where the payment exchange rate is different to the exchange rate on the client invoice(s) it pays, the system will automatically generate a foreign exchange adjustment for the gain/loss resulting.