DBD: AR Foreign Currency Invoicing

DBD: Accounts Receivable - Foreign Currency Invoicing

There is a System Parameter in the Accounts Receivable System:

Path: Accounts Receivable, Setup, System, System Setup, Parameters, Panel V

The option must be checked to use the Foreign Currency Features.

Print invoices in foreign currency feature?

Setting the Exchange Rate

Time to setup the Alternate Foreign Currency Codes to be used when invoicing your customers.

Path: Accounts Receivable, Setup, System, Supporting files, Foreign Currency Code

This program stores the codes and the related exchange rates, which will be printed on the invoice.

Foreign Currency - ARGMMA

This is where the system will pull the current exchange rate during invoicing. The exchange rate should be changed daily or at your company's determination of when to do it. What prints on the invoice comes from this file.

You have the option to enter a Description that will print next to the invoice Total Field which helps to identify this as a Foreign Currency Invoice.

Customer Setting

You may assign a Foreign Currency Code at the Customer Level — this will then default for all invoices for this customer.

Path: Accounts Receivable, Setup, Customers, Enter Customer, Customer Defaults, More Customer Defaults Panel

More Customer Defaults - FMGSHH

Accounts Receivable Invoice Entry

During Invoice Entry, the program will locate the currency code and rate for the customer and will display it on the invoice header.

A/R Invoice Entry - ARGEAC

The currency code and rate can be overridden by invoice during Invoice Entry.

If the user is going into an Invoice after it has been entered, the rate that will display will be the rate in effect when the invoice was originally entered.

The user may override the rate for an individual invoice. However, to permanently change the rate for all future invoices, the rate must be changed in the Foreign Currency Code setup.

The exchange rate may be changed as often as needed. The rate in effect when the invoice was entered will remain with the invoice, regardless of changes made to the Foreign Currency Code setup.

In addition, there is an option to only print a selected Foreign Currency Description. If this option is selected, the user will be able to designate which Foreign Currency Description to print. These options are located on the Selection Screen for Invoice Printing.

Details on Sales Journal

Both the Summary and the Detail Sales Journals have been modified to print both the invoice information with and without the Foreign Currency Conversion.

Summary Sales Journal:

Summary Sales Journal — with Foreign Currency detail

Detailed Sales Journal:

Detailed Sales Journal — without and with Foreign Currency Conversion

Open Invoice Display - ARGCAE — click Foreign Currency to view converted values

The Open invoice information for this invoice will display the Foreign Currency Code and the Exchange rate at the time this invoice was created. This information is also available in Invoice History.

Click the Foreign Currency box at the top right of this screen to see the values shown on the customer invoice.

Open Invoice Display - ARGCAE — Invoice Information with Exchange Rate applied

Frequently Asked Questions

Q: How do I enable foreign currency invoicing?

A: Check "Print invoices in foreign currency feature?" in Accounts Receivable, Setup, System, System Setup, Parameters, Panel V.

Q: In what currency are values actually stored in the system?

A: All values are stored in American Dollars — you may need to make allowances at time of cash receipts as exchange rates change.

Q: Where do I set up the exchange rate for a currency?

A: Accounts Receivable, Setup, System, Supporting files, Foreign Currency Code. This stores the codes and related exchange rates that print on the invoice, and should be updated as often as your company determines (typically daily).

Q: How do I default a currency code to a specific customer?

A: Assign a Foreign Currency Code at the customer level in Accounts Receivable, Setup, Customers, Enter Customer, Customer Defaults, More Customer Defaults Panel — this defaults for all of that customer's invoices.

Q: Can I change the exchange rate on an individual invoice?

A: Yes, the user can override the rate for an individual invoice during Invoice Entry, but to permanently change the rate for all future invoices, it must be changed in the Foreign Currency Code setup.

Q: What happens to the rate on an invoice after the Foreign Currency Code setup changes?

A: The rate in effect when the invoice was originally entered stays with that invoice, regardless of later changes to the Foreign Currency Code setup.

Q: Where can I see the foreign currency conversion on reports?

A: Both the Summary and Detail Sales Journals print invoice information with and without the Foreign Currency Conversion. You can also click the Foreign Currency box on Open Invoice Display to see the converted values.

Tags: accounts-receivable, foreign-currency, exchange-rate, invoice-entry, sales-journal, DB-distributor