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Creating Single Foreign Currency Payments

Prerequisites

   Enable the Use Multiple Currencies Payables option.

   Enable the currencies you need in the Currencies window. See: Currencies Window.

   Define either a multiple currency bank account, or a foreign currency denominated bank account defined for your intended payment currency. See: Defining Multiple Currency Bank Accounts or Defining Foreign Currency Bank Accounts.

   If you are using a foreign currency bank account, define a payment document that uses a payment format defined with the same foreign currency. If you are using a multiple currency bank account, define a payment document that uses a payment format defined as multiple currency or defined for your intended payment currency.

   To create a single foreign currency payment:

1. Create a payment by recording a manual payment or by creating a Quick payment. See: Creating Single Payments.

Select the Bank Account and Payment Document and enter the payment Amount in the foreign currency. If you are using a multiple currency payment document, enter your Payment Currency. If you are using a single foreign currency payment document, Payables displays the currency of your payment document. If this is not the currency in which you want to pay your invoice, you must change your payment document.

In the Payments window enter the foreign currency information:

• Rate Type. Select the type of exchange rate (Spot, Corporate, User or User-defined).

• Rate Date. The date used to determine functional rate. You can override Payables default of the system date.

• Exchange Rate. If you selected the User rate type, enter the Rate. Otherwise, the Rate will default from the GL Daily Rates Table if you have defined a rate for the Type and Date you selected. If a rate is not defined in the GL Daily Rates Table, you can define it later and then submit AutoRate.

• Functional Currency. Payables displays your Functional Currency.

• Functional Amount. Payables displays the amount of the foreign currency invoice converted into your functional currency.

2. Continue creating the payment and save your work.

Creating Multiple Foreign Currency Payments Using a Payment Batch

Prerequisites

   Enable the Use Multiple Currencies Payables option.

   Enable the currencies you need in the Currencies window. See: Currencies Window.

   Define either a multiple currency bank account, or a foreign currency denominated bank account defined for your intended payment currency. See Defining Multiple Currency Bank Accounts or Defining Foreign Currency Bank Accounts.

   If you are using a foreign currency bank account, define a payment document that uses a payment format defined with the same foreign currency. If you are using a multiple currency bank account, define a payment document that uses a payment format defined as multiple currency or your intended payment currency.

   To create multiple foreign currency payments:

1. Initiate a payment batch, see Initiating Payment Batches.

Select the Bank Account and Payment Document and enter the Payment Amount in the foreign currency. If you are using a multiple currency payment document, enter your Payment Currency. If you are using a single foreign currency payment document, Payables displays the currency of your payment document. If this is not the currency in which you want to pay your invoice, you must change your payment document.

In the Payment Batches window enter the foreign currency information. Payables uses the payment dates as the Rate Date.

• Account Currency. Payables displays the currency of your bank account. You cannot override this default.

• Payment Currency. Payables displays the currency of your payment document. If this is not the currency in which you want to pay your invoice, you must change your payment document. If you are using a multiple currency payment document, enter your payment currency.

• Rate Type. Select the type of exchange rate (Spot, Corporate, User or User-defined).

• Exchange Rate. If you selected the User rate type, enter the Rate. Otherwise, the Rate will default from the GL Daily Rates Table if you have defined a rate for the Type and Date you selected. Payables uses the payment date you enter as the rate date. If a rate is not defined in the GL Daily Rates Table, you can define it later and then submit AutoRate.

2. Continue creating the payment and save your work.

See Also

Banks

Stopping or Voiding Foreign Currency Payments

Cross Currency Payments for Fixed-Rate Currencies

FOREIGN CURRENCY PAYMENT RESTRICTIONS: