Billing and Cash Receipts in Multiple Currencies
This topic describes the steps to bill your first multicurrency invoice and enter a payment for that invoice.
- Related Topics:
- BCRMC Currencies for Billing and Accounts Receivable
Costpoint recognizes the following three currency types for recording billing and accounts receivable transactions: - BCRMC Before You Start
Before you start the billing process, determine the billing currency. For this example, we assume the following: - BCRMC Create a Multicurrency Invoice and Record Payment of that Invoice
- BCRMC Step 1
Use the Manage Currencies screen to select the currencies that will be used in Costpoint. - BCRMC Step 2 (optional)
Use the Manage Currency Status screen to activate this currency. - BCRMC Step 3
Use the Manage Exchange Rate Sources screen to specify sources for your exchange rates. - BCRMC Step 4
In the Manage Exchange Rate Groups screen, create a rate group. - BCRMC Step 5
If this is your first accounts receivable transaction, review the settings on the Configure Multicurrency Settings screen. - BCRMC Step 6
In the Manage Multicurrency Accounts screen. follow your company's procedures to assign the gain and loss accounts and organizations. - BCRMC Step 7
Enter the exchange rates for the currencies of your billing and accounts receivable transactions. - BCRMC Step 8
Enter your bill as usual. Use the Exchange Rates subtask to select yen for your billing currency. - BCRMC Step 9
Before the end of the fiscal period, run the Update Open Accounts Receivable Exchange Rates process. - BCRMC Step 10
When payment is received, post as usual.
Parent Topic: Related Topics for Manage Currencies