You can use this screen to select those accounts and organizations that will be charged for foreign exchange losses and those that will receive foreign exchange gains. Foreign exchange gains and losses result from Accounts Payable, Accounts Receivable, Billing, and Purchase Order transactions that involve currencies other than your functional currency. For Accounts Payable transactions, the system measures the amount of gain or loss using the exchange rates that exist in Costpoint on the date the voucher or purchase order is saved and the date the voucher is selected for payment. For Accounts Receivable transactions, the system measures the amount of gain or loss using the exchange rates that exist in Costpoint on the date the invoice is saved and the date the payment is entered into accounts receivable.
Use this screen when you initialize Costpoint Multicurrency.
Enter, or use Lookup to select, the currency code whose transactions will initiate a gain or loss. This gain or loss will be recorded when the currency is the to currency in a from-to relationship. Currency codes are maintained in the Maintain Currencies screen. The formal name of the currency is displayed in the field to the right.
Enter, or use Lookup to select, the account number to which your realized gains will be posted. This account number cannot be a project account. We suggest that you create a separate account to record foreign currency gains and losses. Realized gains occur when a foreign currency transaction is completed (an A/P voucher is entered and the voucher is paid, or when money is applied to a receivable invoice).
Enter, or use Lookup to select, the account number to which your realized losses will be posted. This account number cannot be a project account. We suggest that you create a separate account to record foreign currency gains and losses. Realized losses occur when a foreign currency transaction is completed (an A/P voucher is entered and the voucher is paid, or when money is applied to a receivable invoice).
Select this radio button to record realized gains and losses to the same organization as the posting A/P or A/R organization. This selection is the default setting.
Select this radio button to record realized gains and losses to a different organization than the posting A/P or A/R organization. In the field to the right, enter, or use Lookup to select, the organization.
Enter, or use Lookup to select, the account number to which your unrealized gains will be posted. This account number cannot be a project account. We suggest that you create a separate account to record foreign currency gains and losses. Unrealized gains occur when a foreign currency transaction has not been completed, but a gain or loss is recognized for financial statements. (For A/P transactions, an A/P voucher is entered but unpaid. At period or year-end, the voucher is re-valued to show a gain or loss, as if the voucher had been paid in that period or year-end. For A/R transactions, an invoice has been entered, but no payment has been received. At period or year-end, the voucher is re-valued to show a gain or loss, as if the invoice had been paid at that period or year-end.)
Enter, or use Lookup to select, the account number to which your unrealized losses will be posted. This account number cannot be a project account. We suggest that you create a separate account to record foreign currency gains and losses. Unrealized losses occur when a foreign currency transaction has not been completed, but a gain or loss is recognized for financial statements. (An A/P voucher is entered but unpaid. At period or year-end, the voucher is re-valued to show a gain or loss, as if the voucher had been paid in that period or year-end.)
Select this radio button to record unrealized gains and losses to the same organization as the posting A/P or A/R organization. This selection is the default setting.
Select this radio button to record unrealized gains and losses to a different organization than the posting A/P or A/R organization. In the field to the right, enter, or use Lookup to select, the organization.
Use this pushbutton to open a subtask where you can assign reference numbers to gains and losses.