PMI Step 6

On the Manage Multicurrency Accounts screen. follow your company's procedures to assign the gain and loss accounts and organizations.

If your company uses Ref 1 and Ref 2 as additional data entry fields, you can assign reference numbers to the gain and loss fields in the Reference No block. These settings determine the posting location of gains and losses on currency transactions.

Costpoint compares the "cost of yen" on the date you post this accounts payable voucher and then again on the date you select the voucher for full or partial payment. (Run the Update Open Accounts Payable Exchange Rates process before payment selection.) The difference in the amount of your functional currency needed to pay this invoice is either a realized gain or loss. In our example, if it cost 200 USD to "buy" the yen necessary to pay this invoice on the date you posted the voucher and it cost 230 USD to "buy" the yen on the cash disbursement date, the realized loss on the transaction is 30 USD. For more information on currency gains and losses, see Manage Exchange Rates.