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If you enter an invoice in a fixed currency, such as Euro or another European Monetary Union (EMU) currency, you can pay the invoice in an associated fixed-rate currency. Payables will automatically default EMU Fixed as the payment exchange rate type.

In addition, if your functional currency has a predefined fixed exchange rate with the invoice currency or payment currency, Payables defaults EMU Fixed as the exchange rate and provides the fixed rate as the default exchange rate.

Paying Invoices in Associated Fixed-Rate Currencies

Prerequisites

   Assign fixed rates to currencies in the Currencies window. Currencies Window.

   Assign daily rates between your functional currency and the Euro. Entering Daily Rates

   In the Supplier Sites window enter the default Invoice Currency and Payment Currency you want to use for each supplier site. (Optional)

   In the Currency region of the Payables Options window, enter your Rounding Errors Account. In the Accounting region of the Payables Options window, select your posting option for Rounding Errors. See: Currency Payables Options.

   Define a Suspense Account for your set of books in the Suspense Accounts window in General Ledger. Enter a source of Payables. See: Defining Suspense Accounts.

   To pay a basic invoice in a different fixed-rate currency:

1. When you enter invoice information, enter an associated fixed rate currency as the Payment Currency. For example, you can enter Euro as the Invoice Currency, and another EMU currency as the Payment Currency. Enter the cross rate date or accept the default. Payables provides the fixed rate, the rate type of EMU Fixed, and the default rate date. You can override the rate date.

2. All scheduled payments will be created in the payment currency.

You can change the invoice payment currency at any time before paying the invoice. If you change the payment currency, Payables will automatically recalculate the scheduled payments in the new payment currency.

3. When you pay the invoice, use a bank account that uses the payment currency or use a multi-currency bank account.