Vendors and Multiple Currencies
The Multiple Currencies feature lets you create transactions with vendors in currencies other than your company’s base currency. When you create a vendor record, you set the primary currency and additional available currencies for transactions with that vendor.
The Multiple Currencies feature includes capabilities that were historically separate features. The Multi-Currency Vendors feature has been combined with the Multiple Currencies feature. If Multi-Currency Vendors is a separate feature in your account, the topics in this section assume that it is enabled. If Multi-Currency Vendors is available in your account and not enabled, your vendor records have only one currency.
The vendor’s primary currency is the default currency for purchase transactions. Aggregate balance information and credit limits are displayed in the primary currency. The vendor’s primary currency is also the currency used for time entries created through the Vendor Center.
You set up transaction currencies on the Financial subtab of the vendor record under the Currencies subtab. The Primary Currency field is in the Account Information section. When you save a new vendor record, the primary currency is automatically added to the list of transaction currencies on the Currencies subtab. You can add as many transaction currencies you need in the Currencies subtab. There is no limit. For instructions for assigning currencies to vendors, see Assigning Currencies to Entities.
When you create a purchase transaction for the vendor, you can choose any of the transaction currencies associated with the vendor. You cannot remove a currency from a vendor if transactions have been entered in that currency. You can, however, change a vendor's primary currency at any time. Changing a vendor's primary currency maintains the former primary currency as a transaction currency.