Hello Hasan,

I have a situation where I would to make a payment of an invoice already entered in the system in functional currency to be paid in another currency which has been enabled.
What is the procedure for
making that payment?
Can you please explain?

Thank you,

Arunasish Sircar

In order to make a foreign currency payment some setup needs to be done first. I will try to cover foreign currency transactions from subledger perspective in my videos.
Here is a high level check list that must done:
1- In Payables Options, under Currency tab "Use Multiple Currencies" must be enabled.
2- The currency you need to use must be enabled.
3- You must define multiple currency bank account or a foreign currency denominated bank account
4- Your payment format must also support the foreign currency.

Hello Hasan,
Thank you very much. Yes, it will defintely help if you can do videos on that. I am also inetersted to know whether you can make a foreign currency payment when your invoice is in functional currency?

Thank you,
Arun

Yes you can make a foreign currency payments. The high level setup steps described above are needed for that.

Hello Hasan,

I do not think you got my question.Just to clarify I want to know - "Can I amke a payment in foreign currency when my Invoice is in the functional currency?", If yes, then how?

Thanks,

Arun

Yes, that is why I answered (I think).
Lets say your functional currency is CAD.
You entered an invoice in CAD.
You want to cut a check in USD.
You must go through three setup changes first.
Here is a high level check list that must done:
1- In Payables Options, under Currency tab "Use Multiple Currencies" must be enabled.
2- The currency you need to use must be enabled.
3- You must define multiple currency bank account or a foreign currency denominated bank account
4- Your payment format must also support the foreign currency.
I will try to create a video on multi currency operations in subledger.
Let me know if you still think I am not understanding your question.

I think you have understood the question well!

The invoice currency is what the payment currency will be.You can attach
more currencies to your bank and recreate the invoice as a foreign currency invoice. This is why in the View accounting, you have the Entered Amount and the Accounted Amount.

You enter an invoice in a functional currency. When you enter a foreign currency invoice amount, this will immediately be converted into the functional currency amount using the daily rate in the system.
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When it comes to actually paying the invoice, you can pay it in the functional currency or in an enabled foreign currency provided that you follow this high level check list below, that must be done:
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1- In Payables Options, under Currency tab "Use Multiple Currencies" must be enabled.
2- The currency you need to use must be enabled.
3- You must define multiple currency bank account or a foreign currency denominated bank account
4- Your payment format must also support the foreign currency.