Currency Exchange on an IR/Bill

You will need to set up Currency configuration items prior to using the features on an IR/Bill.  Click here to see how to configure Currency Exchange.

When you receive Invoices that are in a foreign currency, you will need to convert these amounts to your local currency for booking inventory values and expenses. Initially, enter the invoice with the foreign currency amounts as populated on the Invoice.

In the grid of the IR/Bill, add the column for Currency Adjustment to the grid.  Right click on the header of the grid and select Column Chooser.  Search for the field Currency Adjustment.  Drag and drop the field into the location of the header where you would like for it to display.

Once the invoice is entered with the foreign currency amounts, click on the dropdown for Currency and select the correct option for the Invoice received.

Enter the Exchange Rate from the Foreign Currency to the Local Currency in the Exch Rate field.

Click on Apply Rate to prompt the system to calculate the exchange adustment.  Click one of the Save options to save the bill with the currency adjustment.  The IR/Bill will now reflect the amount to pay in your local currency and will book the expense/inventory value in your local currency.  

You can change the Exch Rate on the IR/Bill and re-apply the rate as long as the IR/Bill is editable.  To remove the currency conversion, change the Exch Rate to 1 and re-apply the rate.

Click here to see how to report on Exch Rate changes and how to pay bills with Exchange Adjustments.