You can set up Accounts Receivable to process transactions in more than one currency.
To enable multicurrency processing, you select the Multicurrency option on the Processing tab of the A/R Options screen. You also set up account sets for all the currencies you use, assigning a single currency to each account set. Each customer is assigned an account set that uses the customer's currency.
For more information, see Setting Up a Multicurrency Accounts Receivable System.
Processing Multicurrency Transactions
Accounts Receivable displays the customer's currency when you add transactions for the customer. You enter all transaction amounts in invoice and adjustment batches in the customer's currency. You can enter receipts from the customer in any currency.
You process multicurrency transactions the same way you process single-currency transactions. With each transaction entry, you can accept or change the exchange rate for converting transaction details from the customer's currency to the Accounts Receivable functional (home) currency. You do not need to enter currency information unless you want to change exchange rate information supplied for a transaction (from the Currency Rates screen in Currency).
In a multicurrency Accounts Receivable system, you can:
- Enter and post transactions in all the currencies used by your customers and your company.
- Import transaction batches from multicurrency and single-currency applications and non-Sage 300 programs (provided they all use the same functional currency).
- Revalue Accounts Receivable transactions at current exchange rates, either provisionally or to create transactions for the unrealized exchange gain and loss general ledger accounts.
- Create batches of General Ledger transactions that you can post in both multicurrency and single-currency Sage 300 General Ledger applications.