Creating Foreign Currency Payments
You can create foreign currency payments with single payments or with payment batches. For more information on Foreign Currency, see Foreign Currency Transactions.
Creating Single Foreign Currency Payments
Prerequisites
Enable the Use Multiple Currencies Payables option.
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:
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
When you use payment batches, Payables will only select invoices entered in the same currency as the payment currency you identify. The Exchange Rate information you enter is then applied to the selected invoices.
Prerequisites
Enable the Use Multiple Currencies Payables option.
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:
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
Entering Foreign Currency Invoices
Banks
Stopping or Voiding Foreign Currency Payments
Cross Currency Payments for Fixed-Rate Currencies
FOREIGN CURRENCY PAYMENT RESTRICTIONS:
PAYMENT CURRENCY MUST EQUAL INVOICE CURRENCY. Payables will not select invoices for payment batches that were entered in a currency other than the payment currency you select.