Currency Mode Override for Individual Transactions

The currency mode manages how amounts are calculated and stored for individual transactions within Contract and Service Billing. This mode is a global setting in the billing constants and, as with all constants, we recommend that you not change it after you set it up.

For calculations, domestic mode indicates conversion from domestic amount to foreign; foreign mode indicates conversion from foreign amounts to domestic.

You use the G/L Offset and Retainage Table program (P48128) to override the global currency mode setting in the billing constants. If the currency mode in the billing constants is set to foreign mode, but a particular job needs to be managed in the domestic currency, you can set up a G/L offset and retainage table for that job in the domestic mode. The Currency Mode option determines which currency will be fixed during the billing process.

In the G/L Offset and Retainage Table program (P48128), ensure that the Currency Mode option is set correctly:

When you set this option to Foreign in the offset table, the customer currency is the fixed currency, and the business unit, or company currency, is considered unfixed. In this case, the system calculates the billing amounts in the customer currency, and it converts the domestic amount based on the foreign amounts that it calculated.

When you set this option to Domestic, then the domestic or company currency is fixed for the billing process. The system calculates markups on the company currency, and it converts the foreign amount based on the domestic amounts that it calculated. This setup overrides the option that you set in the billing constants.