You can create foreign currency payments with single payments or through a payment manager. The use multi-currencies payable option is enabled for Organization and the currencies in which Organization currently transacts its business operation are enabled. They include AUD, CAD, CNY, EUR, GBP, INR, JPY, SGD, & USD.
To create a single foreign currency payment:
Create a payment by recording a manual payment or by creating a Quick payment. Select the Bank Account and Payment Document and enter the payment Amount in foreign currency. If you are paying from a Bank account denominated in INR you can enter and pay in any of your enabled currencies since it is enabled for multi-currency payments. If you are paying from a Bank account denominated in foreign currency (Ex: EEFC) you can release the payment only in your respective bank account currency. You cannot pay in different currencies. In the Payments window enter the foreign currency information:
- Rate Type. Select the type of exchange rate (Spot, Corporate, Import, or User).
- Rate Date. The date used to determine the functional rate. You can override the Payables default of the system date.
- Exchange Rate. If you selected the User rate type, enter the Rate. Otherwise, the Rate will default from the GL Daily Rates Table if you have defined a rate for the Type and Date you selected. If a rate is not defined in the GL Daily Rates Table, you can define it later and then submit Auto Rate.
- Functional Currency. Payable displays your Functional Currency.
- Functional Amount. Payable displays the amount of the foreign currency invoice converted into your functional currency.
