Purchase Invoicing in Foreign Currency

Purchase invoicing in a foreign currency is completed in the same way as invoicing for the default currency.  Once the Invoice is added for a foreign currency Supplier, the currency and the current exchange rate appears in the header details, as outlined below:

Once a foreign currency Supplier is selected, a Show Foreign Currency checkbox is displayed and automatically selected. This allows both the foreign currency amounts and local currency amounts to be entered or displayed depending on the checkbox status.

The currency and an editable exchange rate used for the invoice are also displayed. If the exchange rate is changed, the local currency amount of Invoice Charges is updated accordingly.

Default Exchange Rates

Default exchange rates may be set by the System Administrator and are applied when the Purchase Invoice is created.

The Supplier’s Purchase Journal is always created in the default currency using the set conversion rate. Prior to the Purchase Invoice being updated in the Purchase Update module, the exchange rate can be refreshed by selecting the Refresh Exchange Rate button. This will bring in the current exchange rate and reset the local amounts in the Invoice charges based upon the foreign amounts and the new exchange rate. 

See Foreign Currency Setup for more information.