A/P Rate Override Screen

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About Multicurrency Payments

A/P Payment Entry Screen

  1. Open Accounts Payable > A/P Transactions > Payment Entry.
  2. Use the Batch Number field to select an existing batch, or click the Create New Batch button to create a new batch.
  3. Enter a payment, as usual.
  4. Click Rates.

The bank currency (the same currency as the payment) appears in the Bank Rate section, and the vendor currency in the Vendor Rate section of the A/P Rate Override screen.

If both the bank currency and the vendor currency are the same, but not the functional currency, only the Bank Rate section appears.

Note: All payment applications are in the vendor currency, and all payments are in the bank currency.

This is the exchange rate currently in effect for the specified currency and the displayed rate type and rate date. You can change the rate, if necessary.

Accounts Payable uses the Currency Rates tables to select a rate that matches the rate type and date.

This amount is 0.00 until you add the transaction.

When you add the transaction, the program converts the amount you are paying in the vendor currency (the Vendor Amount) to the bank currency using the exchange rates specified on the A/P Rate Override screen.

Note: All payment amounts are in the bank currency, but you apply amounts in the vendor currency (either by applying a payment to an outstanding document or by entering a prepayment amount).

The Currency Rates tables store exchange rates by date for each currency and rate type.

The rate displayed in this field is for the date that corresponds most closely to the batch creation date.

You can change the bank rate date for an existing payment batch on the A/P Payment Entry Batch Information screen. (Click Details link next to the Batch Number field on the A/P Payment Entry screen.)

This is the code for the type of rate you want to use when converting source amounts to functional currency. Examples of rate types are "spot rate," "average rate," and "contract rate."

You must specify a valid rate type.

You define rate types using the Currency Rate Types screen.

Entering and Applying a Payment

Overview

Use the A/P Rate Override screen to change the exchange rate for the current payment—for example, to one that was previously agreed on for the invoice.

The screen shows the rates for converting the bank currency and the vendor currency to your functional currency. If either of these currencies is the functional currency, the exchange rate for that currency is 1.0000000, and you cannot change it.

Note: This screen is available only in multicurrency ledgers. Also, if the bank currency and the vendor currency are the same as the functional currency, you cannot open this screen.