Setting Up a Multicurrency Accounts Receivable System

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You can set up Accounts Receivable to process transactions in more than one currency.

To set up Accounts Receivable to use multiple currencies:

In Common Services:
1. On the Company Profile screen, click the Options tab, select the Multicurrency option, and select a default rate type.
2. On the currency screens, add any additional currency codes you need for Accounts Receivable, and enter rates for the currencies you use.
On the A/R Options screen, click the Processing tab and select the Multicurrency option.

Note: After making changes to program options (on Options screens) or optional fields (on Optional Fields screens), you and all other users must sign out and sign in again to apply the changes.
On the A/R Account Sets screen, add at least one account set for each currency you want to use in Accounts Receivable.

For each account set, enter the currency code and the general ledger accounts to use, including the accounts for exchange gain and exchange loss. For more information, see Adding or Modifying Account Sets.
On the A/R Interest Profiles screen for each interest profile, specify the minimum interest charge and annual interest rate for each currency used by the customers you will assign to that interest profile. For more information, see Adding or Modifying Interest Profiles.
On the A/R Items screen, add pricing information for all the currencies and units of measure in which you sell each item. For more information, see Adding or Modifying an Item.
When you create customer groups, select the rate type for the group and enter a credit limit in each of the currencies used by the national accounts and customers you will assign to the group. For more information, see Adding, Modifying, and Deleting Customer Groups.
You also specify a default account set for each customer group. When you later assign a customer to a customer group, the account set assigned to the group is assigned to the customer. You can change the account set for individual customers.
If you create national accounts, select an account set that uses the currency of that national account, enter the credit limit amount in that currency, and enter a rate type for converting amounts in the customer currency to the functional currency. For more information, see Adding, Modifying, and Deleting National Accounts.
When you add customers, assign them to the national account that uses the customer's currency. The account set and currency specified by the national account are assigned to the customer and you cannot change them. For more information, see Adding and Modifying Customer Records.

When you enter outstanding transactions to set up your customer account balances, you automatically enter them in the appropriate currencies.

You can enter statistics for customers, customer groups, and national accounts in either the functional currency or the customer currency. Statistics for salespersons and items are entered only in the functional currency.