Multi-currency controls in transaction pages

This topic explains how to use foreign currencies in Accounts Payable and Accounts Receivable transaction pages. In AP, these pages include bills, recurring bills, advances and adjustments. In AR, they include invoices, recurring invoices and adjustments. Because all these pages operate in an identical manner, this section uses bills as an example. This topic also assumes that you are already familiar with the basic operation of these pages, and focuses on those differences that result from using multiple currencies.

Controls for multi-currency transactions fall into the General information and Entries sections.

In the General information section

Currency. If you assigned a default currency to the vendor or customer, that currency appears here. Otherwise, select one. A currency is mandatory for a foreign-currency transaction; however, making changes to the proposed values for exchange rate and its type and date are optional. When you select the currency, the system proposes a default exchange rate and type.

Exchange rate date. The system defaults the date of the exchange rate to today; however, you may override this. For example, maybe you are making the transaction date other than today. You might want to match the exchange rate to that date.

Exchange rate type. Your company may or may not use custom exchange rate types. If you do, the Exchange rate type dropdown contains choices for them, where one can also be a default. For example, maybe your company has Monthly, Weekly and Spot rate types along with their various exchange rates. Alternatively, maybe your company has not defined any custom exchange rate types, and so the system uses the Intacct Daily Rate.

Exchange rate. You may override the default exchange rate. For example, say the system administrator has not yet entered the rate for today. In that case, the system defaults to the last rate that was entered. But if you do know today's exchange rate, you can enter it directly into this field.

In the line item entries section

Txn amt and Base Amt. When you enter the transaction amount, the system automatically calculates the conversion to your base currency. For multi-entity companies, the base currency is determined by the location.