Currency Exchange - Reporting and Paying Bills

Reporting on Currency Exchange with changes in the exchange rate

When you want to pay bills with a currency exchange, you will want to review the exchange rate that is booked on the bill for any changes that may need to apply. To review this information, navigate to:

Reports > Suppliers > Accts. Payable Aging

When the report opens, you will need to add the 6 columns that provide currency exchange information as shown below. To add the columns, right click on the header row and drag the columns from the popup into the grid.

Filter the report to bills that have a Currency populated.

You can save the report in a Layout to simplify pulling the report in the future.

Fetch the report to populate the initial information.

At the top of the report is a box that lists the currencies set up in the system with a box to enter current exchange rates. Select each currency with a new rate entered and click the Calculate button. As you calculate each new currency rate, the Current Exchange information fields will populate on the report according to the rate entered.

The report will now provide the updated amount due after the change in exchange rate and the amount of Gain/Loss you will need to book when paying the bill. Print or export the report to maintain a copy of this information to use while paying bills.

*If the exchange rate has not changed, you can skip this reporting step.

Paying Bills with Currency Exchange

There are currency exchange adjustment features built into the Pay Bills module. There are no features to adjust the currency exchange amount in the Pay Supplier Statement module.

Once you have your report with the Exchange Rate Gain/Loss amount, navigate to:

Suppliers > Pay Bills.

Select the Suppliers that you wish to pay, then select your Pmt Acct, Pmt Date, and Pmt Type.

From the report that you exported with the Current Exchange calculations, enter the data from the Exchange Rate Gain Loss column into the Pay Bills grid in the Exchange Rate (Gain)/Loss column. Ensure you enter this data in the correct Invoice row. After entering, the Adjusted Amount Due in Pay Bills will match the Current Exchange Rate Open Amount from the report.

*A loss will show as a negative on the report and be input as a positive in Pay Bills. A Gain will show as a positive on the report and be input as a negative in Pay Bills.

Once you create your payment documents, the amount of the Exchange Rate Gain/Loss will be posted to the default Foreign Currency Gain/Loss account that you assigned in the Location Profile. If you do not book an adjustment in pay bills, no amount will post to the account.