Why did the payment require a conversion rate when the option to require a conversion rate is disabled?
Regardless of how you set the Require conversion rate entry option, a payment requires a conversion rate if:
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The payment is in a foreign currency.
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The payment has an invoice that's subject to automatic withholding.
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Automatic withholding occurs at time of payment.
Note:
Invoices for automatically withheld taxes are always created in the ledger currency.