Skip to main content

AP: Foreign Currency Invoice & Payment Configuration & Process

 

Foreign Currency Invoice & Payment Configuration & Process             
Definitions of Rates             
Daily RatesIf organisation is using rate at particular day it is called as daily rate. It is only for one day            
Corporate RatesIf organisation is using corporate rate it can be more than one day             
Spot RatesIt is ideally used in stock exchanges and it is known as spot rates            
              
Setups             
1. Define conversion/Daily rates (USD - INR)TaskManage Daily RatesThis can be done only through spreadsheet          
2. Enable Bank Account as "Multi Currency Account".TaskManage Bank AccountsHere at general tab in additional information enable checkbox called as "multicurrency account"          
              
Process             
1. Create Invoice in INR (Foreign Currency)PathPayables >> Invoices >> Task pane >> Create InvoicesHere create invoice in foreign currency (INR)          
2. Process Payment in INRPathPayables >> Payments >> Task pane >> Create PaymentHere make the payment in foreign currency (INR)          
              
Setups             
1. Define Conversion/Daily Rates             
Task: Manage Daily Rates             
*To create daily rates clickon "Create in Spreadsheet" and create the daily rates. Search the daily rates in search section             
              
              
              
              
              
              
              
              
              
              
              
              
              
2. Enable Bank Account as "Multi Currency Account".             
Task: Manage Bank Accounts             
              
              
              
              
              
              
              
              
              
              
              
              
Process             
1. Create Invoice in INR (Foreign Currency)             
Path: Payables >> Invoices >> Task pane >> Create Invoices             
*Here create invoice in foreign currency (INR)             
*Here we can see that both payment and invoice currency is in INR             
*Process the payment for this invoice and transfer accounting entries to GL.             
              
              
              
              
              
              
              
              
              
             

Comments

Post a Comment

Popular posts from this blog

Finance All Modules Process Flows

  To- Be Process Flow General Ledger Manual Journal Approval Process Flow Journal Management Invoice Process Flow for Equipment Orders Payment Receiving Through Lock Box Process Flow Collections Overview Process Flow Process Flow to Handle Delinquent Customer Collections Process Flow Payable Invoice (PO Matched) workflow process   Payable Invoice (Non PO Matched) Workflow Process Payment Batch Process  IDR Process Flow To-Be Process Flow Bank Reconciliation - Payment Payables to Fixed Assets Flow Process Flow - Transfer Assets Process Flow –Reclassification (Change Category) Process Flow – Retire Asset Process Flow – Reinstate Asset Process Flow – Impairment Process flow- Depreciate Assets CORP Book to Tax Book TO-Be Process Flow – General Ledger Manual Journal Approval Process Flow   Journal Management  
Post a Comment
Read more

Finance All Modules Process Flows

  To- Be Process Flow General Ledger Manual Journal Approval Process Flow Journal Management Invoice Process Flow for Equipment Orders Payment Receiving Through Lock Box Process Flow Collections Overview Process Flow Process Flow to Handle Delinquent Customer Collections Process Flow Payable Invoice (PO Matched) workflow process   Payable Invoice (Non PO Matched) Workflow Process Payment Batch Process  IDR Process Flow To-Be Process Flow Bank Reconciliation - Payment Payables to Fixed Assets Flow Process Flow - Transfer Assets Process Flow –Reclassification (Change Category) Process Flow – Retire Asset Process Flow – Reinstate Asset Process Flow – Impairment Process flow- Depreciate Assets CORP Book to Tax Book TO-Be Process Flow – General Ledger Manual Journal Approval Process Flow   Journal Management  
Post a Comment
Read more

Finance All Modules Process Flows

  To- Be Process Flow General Ledger Manual Journal Approval Process Flow Journal Management Invoice Process Flow for Equipment Orders Payment Receiving Through Lock Box Process Flow Collections Overview Process Flow Process Flow to Handle Delinquent Customer Collections Process Flow Payable Invoice (PO Matched) workflow process   Payable Invoice (Non PO Matched) Workflow Process Payment Batch Process  IDR Process Flow To-Be Process Flow Bank Reconciliation - Payment Payables to Fixed Assets Flow Process Flow - Transfer Assets Process Flow –Reclassification (Change Category) Process Flow – Retire Asset Process Flow – Reinstate Asset Process Flow – Impairment Process flow- Depreciate Assets CORP Book to Tax Book TO-Be Process Flow – General Ledger Manual Journal Approval Process Flow   Journal Management  
Post a Comment
Read more