Paying a Multicurrency Invoice
This topic describes the steps to create and pay the first multicurrency accounts payable voucher in Costpoint.
Related Topics:
PMI Currencies for Accounts Payable
Costpoint recognizes the following three currency types for recording accounts payable transactions:
Before you start the payment procedure, determine the currency you will use to pay the invoice. For this example, we assume the following:
Use the Manage Currencies screen to select the currencies that will be used in Costpoint.
Use the Manage Currency Status screen to activate this currency.
Use the Manage Exchange Rate Sources screen to specify sources for your exchange rates.
On the Manage Exchange Rate Groups screen, create a rate group.
If this is your first accounts payable transaction, review the settings in the Configure Multicurrency Settings screen.
On the Manage Multicurrency Accounts screen. follow your company's procedures to assign the gain and loss accounts and organizations.
Enter the exchange rates for the currencies of your accounts payable transaction. You can maintain currency on a regular schedule (possibly daily or weekly) or enter currency rates on an as-needed basis.
Enter your voucher as usual in the Manage Accounts Payable Vouchers screen.
Run the Update Open Accounts Payable Exchange Rates process.
Pay your voucher as usual, printing the check against your yen bank account.