Currency Exchange Configuration

We have currency exchange features within the Accounts Payable module to assist you with managing payables and payments when you need to convert currencies. Prior to using the Currency Exchange features, you will need to set up the foreign currencies that you exchange.  To add or edit a curreny, navigate to:

Company > Enterprise Support Lists > Foreign Currency

The foreign currency is set up as a 3 digit code.  Click on Add New at the top left of the Foreign Currency tab to create a new currency.  Double click on any existing currency to edit the code.  Type the code into the box and click OK. To remove a foreign currency, check the inactive box.  

Next you will need to set up the account to book any foreign currency adjustments during the process of paying the payable. To set the default currency adjustment account, navigate to:

Company > Location Profile, click on the Location Accounts tab

Select the correct Foreign Currency Gain/Loss adjustment account from the dropdown.  Click the correct Save option at the top of the tab to apply the change.

You are now able to use all features as they relate to currency conversion.

Click here to learn how to use Currency features on the IR/Bill.