Editing Multi-Currency Transactions

Most of the editing functions using Multi-Currency are executed within netFORUM.

Batch Closing

Batch posting will remain unchanged. All journal entries will be in the Main Currency from the ac_multi_currency table.

The following journal entry items need to be included as part of the pre-process and close processes:

1. The journal entry for a gain/loss is an additional credit to a Realized gain or loss.
2. Rounding Errors will need to be included-credit the rounding account if the amount is negative and debit the rounding account if the amount is positive.

Editing Invoices

This will update the invoice information to reflect a new balance. Standard invoice editing rules still apply.

You will NOT be able to change the Transaction Currency regardless of whether the batch is open or closed.

Converting Orders to Invoices

The current process for converting and order to an invoice will not change. However, this will allow you to carry the Exchange Rate of the order forward to the exchange rate of the invoice. There will be no Realized Gain/Loss from the creation of the invoice because the exchange rates are the same.

If this is executed from the Order Profile page, the exchange rate will display but will be read only.

Any credit card or ACH payments made as part of the conversion will be based on the Current Exchange Rate.

Voiding/Adjusting Invoices

Current baseline rules still apply. If an invoice has a payment linked to it, that payment will also need to be voided, adjusted, or converted to a credit.

For an invoice being adjusted in a closed batch, the journal entry will be based on the original exchange rate of the invoice. No Realized Gain/Loss will be recognized for an adjustment to an invoice.

Voiding/Adjusting Payments

Current baseline rules still apply. If an invoice is returned/canceled, nor further action is necessary.

If a payment is adjusted, the adjustment will be done at the exchange rate of the original payment. The journal entry will need to include any gain/loss and rounding errors.

If a payment is converted to a credit, the credit will be based on the exchange rate of the payment and there will be no gain/loss.

Adjustments of Other Transactions

These transactions primarily include:

• Voids with a Journal Entry.
• Cancellation Credit

Adjustments can only be made in the full amount of the transaction. The void and adjustment forms show the amounts from the invoice in the Transaction Currency. Any gain or loss from the transaction being adjusted will also need to be adjusted.

The exchange rate for a Cancellation Credit will be the rate used for the transaction being adjusted. No gain/loss will be realized for a cancellation credit.

Converting Credit Currency

This will allow you to convert a Credit from one currency to another. This is necessary because only credits of the same currency as the invoice can be applied to that invoice.

This can be done whether the credit is in an opened or closed batch and regardless of the credit type.

To Convert a Credit Currency:

1. Go the Credit Profile page and click the transfer credit currency icon on the Actions Bar.
2. Select a batch.
3. Select a currency from the convert to currency drop-down list.
4. Select a refund account.
5. Click Save.

Selecting a batch is required because you are creating a refund for the original credit and creating a new credit for the original (remaining) balance in another currency.

If the transfer currency is NOT in the same Business Unit as the original currency, a multi-company transaction will be required when the batch is posted. The journal entries should debit the liability account from the original credit (credit account) and credit the liability account for the new Business Unit. The multi-company journal entry will debit the Due From Account for the original Business Unit and credit the Due To Account of the new Business Unit for the amount being transferred.