Administering Foreign Currencies

If you have any suppliers that require payment in a currency other than your country’s default (base) currency, the foreign currency must be enabled in the Currencies policy table in Polaris Administration. Next, if your default currency is other than United States dollars, you need to update the default currency in the System workform in Polaris Administration. Then, the exchange rate for the foreign currency must be set in the Update Exchange Rate dialog box.

After you establish the foreign currencies, you need to select the currency code in the Supplier record for each foreign supplier. When you order from a foreign supplier, all purchase orders and invoices that are linked to the foreign supplier record will reflect the foreign currency. During fund transactions, the amounts will be converted to the base currency before posting against the funds.