Posting Receipts to Monetary Bank Accounts

To post multicurrency receipts to monetary bank accounts, the system requires that certain criteria are met. Monetary bank accounts are accounts that are assigned a specific currency code. To successfully post receipts to a monetary bank account, the transaction currency of the receipt must be the same as the currency of the bank account.

If the general ledger bank account of a receipt is a monetary account, the system posts a receipt if these criteria are met:

• The currency of the receipt is the same as the transaction currency of the invoice.

  The system does not post a receipt if the receipt is applied to the domestic side of a foreign currency invoice. For example, the transaction currency of an invoice is U.S. dollars (USD) and the domestic currency is EUR. You receive a payment in the domestic currency of the invoice (EUR) and enter the receipt for a monetary bank account (EUR). When you post the receipt, you receive an error message because the currency of the invoice (USD) and the currency of the bank account (EUR) are different.

• The currency of the receipt is the same as the currency of the general ledger bank account.

  The system does not post a receipt if the receipt and bank account currencies are different. For example, the transaction currency of an invoice is Canadian dollars (CAD). You receive a payment in the transaction currency of the invoice (CAD) and enter the receipt for a monetary bank account (USD). When you post the receipt, you receive an error message because the currency of the receipt (CAD) and the currency of the bank account (USD) are different.

If the post fails, the system sends an error message Account Currency Code Invalid to the work center. To correct the error, you must change the bank account of the receipt to a non-monetary account and run the post again.