Setting Up Accounts Payable to Use Multicurrency Accounting

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A/P Account Sets Screen

A/P Options Screen

A/P Vendor Groups Screen

A/P Vendors Screen

Setting Up Accounts Payable

Accounts Payable lets you process invoices and payments in any currencies your vendors use.

  • If you have not already done so, set up multicurrency accounting for the company:

    • On the Company Profile screen in Common Services:

      • Select the Multicurrency option for the company.
      • Specify the Default Rate Type.
      • Specify the Gain/Loss Accounting Method.

    • Use the Currency Codes screen in Currency to add any currency codes you need for Accounts Payable, and enter rates for the currencies you use.

      Note: Sage 300 contains a set of currency codes that use standard international abbreviations. You need to define new codes only if you do not use the international codes.

To set up a multicurrency Accounts Payable ledger:

  1. On the Processing tab of the A/P Options screen, select the Multicurrency option for Accounts Payable.

    Note: After you turn on the Multicurrency option, you cannot turn it off again.

  2. Use the A/P Account Sets screen to add at least one account set for each currency you want to use in Accounts Payable.

    For each account set, enter the currency code and the numbers of your exchange gain and loss general ledger accounts.

  3. When you create vendor groups and vendor records, select the account set and the rate type for each record.

    The vendor's account set determines the vendor's currency. The vendor group account set is only a default when adding vendor records. You can override it.

    Note: Invoices are always issued in the vendor currency, although payment can be in any currency.

  4. If you post transactions to add year-to-date figures, enter them in the appropriate currencies.
  5. If you enter statistics for previous years and periods, you must enter amounts in both the functional and vendor currencies. Accounts Payable cannot calculate equivalent amounts from statistics you enter yourself.

When you post transactions during and after setup, Accounts Payable calculates statistical totals in both the functional currency and the vendor's currency, using the exchange rate posted with each transaction.