Multicurrency

After you select a currency for use in General Ledger, you can use Multicurrency to define its relationship with other currencies.

The following examples, focusing on separate Costpoint modules, represent just two ways Multicurrency provides you with currency flexibility:

• For Accounts Payable transactions, you can maintain your company's books in one currency, receive invoices in another currency, and pay invoices in still another currency.
• For Billing transactions, you can maintain your company's books in one currency, submit invoices in another currency, and receive payment in yet another currency.

You can enter exchange rates and update them as frequently as necessary. Using these rates, Multicurrency works with Accounts Payable, Accounts Receivable, Billing, and Purchasing to calculate gains and losses on foreign currency transactions. Multicurrency records realized gains (upon final payment of the voucher in Accounts Payable or payment received in Accounts Receivable) and unrealized gains (when an A/P voucher or A/R invoice is unpaid or partially paid) in the General Ledger.