Setting Up a Multicurrency Accounts Receivable System

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

To set up Accounts Receivable to use multiple currencies:

  1. In Common Services:
    1. On the Company Profile screen, select the Multicurrency option for the company and select a default rate type.
    2. On the Currency screens, add any currency codes you need for Accounts Receivable, and enter rates for the currencies you use.

      Tip: When you install Sage 300, you also install a large set of currency codes that use standard international abbreviations. Check the list to determine whether you need to add any codes.

    For more information, see the System Manager help.

  2. On the A/R Options screen, select the Multicurrency option.

  3. 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, you enter the currency code and the numbers of your exchange gain and loss general ledger accounts, as well as the other general ledger account numbers required in an account set. For more information, see Adding or Modifying Account Sets.

  4. On the A/R Interest Profiles screen, add interest records that include a minimum interest charge and annual interest rate for each currency used by the customers you will assign to a particular interest profile. For more information, see Adding or Modifying Interest Profiles.
  5. 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.
  6. 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.
  7. If you create national accounts, select an account set that uses the currency of the account, then enter the credit limit amount in that currency. Also, 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.
  8. When you add customer records, assign each record to the account set that uses the customer's currency. If a customer is part of a national account, the account set and currency are specified by the national account, 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 functional currency.

You 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.