Entering Invoices in Foreign Currency

To enter invoices in foreign currency, your Acquisition Option Library uses foreign currencies must be set to "Yes."

To enter foreign currency payments on invoices, follow the procedure for Creating Invoices, with these exceptions.

Setting the foreign currency
Entering amounts in the foreign currency

Setting the Foreign Currency

You can set a default currency for all new invoices created in a session, or you can set the currency as you create each invoice.

Setting a Default Currency

To set a default foreign currency for all invoices created during the current invoice session:

  1. Choose Admin | Settings and choose the Invoice tab.
  2. Click the Use Currency drop-down menu and choose a currency.
  3. Choose OK.

Any new invoices that you create after changing this setting will default to the selected currency. However, you can override the default currency for an individual invoice.

Setting a Currency for Each Invoice

To set the foreign currency for individual invoices:

  1. Create the invoice, but do not enter any line items yet. Note that the Use Currency drop-down menu on the invoice screen defaults to the currency set on the Admin | Settings | Invoice tab.
  2. Choose the foreign currency in the Use Currency field. This currency will be used only for the current invoice. You can also define a different currency rate than the one that displays by highlighting it and entering a new rate. The system stores in the invoice record both the currency and rate you select.
    Restrictions on Changing Currencies

    All line items on an invoice must be in the same currency. After you enter the first line item on the invoice, you cannot change the currency used. If the selected currency is not correct, you must cancel the invoice and start again.

Entering Amounts in Foreign Currency

  1. When you enter the Amount paid for a line on the invoice, enter it in the foreign currency. The system stores both the foreign currency amount, as well as the amount in local currency using the exchange rate at the time that you enter the invoice.

To view the amount in your local currency, choose the Local / Foreign tool on the toolbar. Choose it again to switch back to the foreign currency.

Conversion to Local Currency

When you change the view to local currency, the system converts each line item using the currency rate chosen for the invoice. During this conversion, Sierra rounds off each line item to two decimal places. Any fractional remainders are added to the last line item in the invoice to avoid any rounding errors in the total that displays.

  1. When you choose to Finish the invoice as described in Creating Invoices, enter the amounts for Shipping, Service Charge, Discount, Tax, and Total in the foreign currency.

The foreign currency amount is stored in the order record in the PAID field note, and both the foreign currency amount and rate are stored in the invoice record.