Paying an Invoice in Foreign Currency

In Data Plus, users have the option to setup the system to allow for the entry and payment of invoices in Foreign Currency. Paying an Invoice in Foreign currency is virtually seemless, and the system will automatically calculate the equivalent functional rate , and the foreign exchange gain/loss on each invoice within a transaction.

There are three different options when entering and paying invoices in foreign currency:

1. An invoice may be entered in functional currency & paid in foreign currency.

2. An invoice may be entered in foreign currency & paid in functional currency.

3. An invoice may be entered in foreign currency & paid in the same foreign currency.

1) Demand/Hand Check Entry

From the main AP screen select Checks/EFT > Demand/Hand Checks Data Entry, then press F5 to insert a new batch of Demand/Hand Checks. The following batch header screen will appear:

Batch ID – This system will automatically default in the unique batch ID.

Property – Enter in the Property for which the invoices are being entered . (Multi-property databases only)

Cash Account – Specify the cash account from which the invoices will be paid.

Bank Account – The bank account associated with the cash account selected will be displayed for verification purposes.

Print Checks – Enter ‘Yes’ if checks are going to be printed (a demand check) OR enter ‘No’ if checks are not going to be printed (a hand check).

Post Month/Year – The system will default in the current post month and year of the AP module. It may be modified or restricted based on the security settings of the user.

Description – Enter a description to identify this batch of checks, if desired.

User ID – The system will display the user ID of the user that created the batch.

Check Count – Enter the number of checks to be entered in this batch.

Check Total – Enter the total amount to be entered for all the checks in this batch.

Please Note: Both functional currency and foreign currency checks may be entered in the same batch. Check Total field is used as a way to verify that the batch is in balance before posting.

Once these fields have been entered, press F2 to continue. The following Demand/Hand check entry screen will appear.

Entry of a foreign currency check is virtually the same as regular checks. Only the following fields are handled differently:

Check Amount – Enter the amount of the check, in foreign currency. If you have a foreign currency invoice that you wish to pay in functional currency, enter the check amount in the functional currency.

FC Payment – Use Ctrl-L to select the foreign currency being used for this check. This field may automatically default in from the Vendor record. Upon pressing F2 to save and continue, the system will automatically calculate the equivalent functional currency and display to the right of this field.

In the above example, we can see that the check amount of $100.00 Arubans is equivalent to $56.18 American Dollars (the functional currency of this database).

Please Note: If this field is left blank, the check will be issued in functional currency.

Press F2 to continue once all check fields have been entered. The following screen will appear:

Select the Invoice(s) that will be paid with this check. Once all invoices have been selected press F2 to continue.

Please Note: If a foreign currency was specified on the previous check entry screen, invoices selected must be of the same foreign currency OR functional currency. For example, a check cut in Arubans can pay invoices entered in Arubans or the functional currency of the database. It may not pay an invoice entered in Jamaican Dollars or another foreign currency.

If the amount of the invoices selected add up to the check amount entered, the system will automatically bring up another check entry screen where another check may be entered OR press ESC if data entry is complete.

2) Run the Edit List & Post

Once demand/hand check entry is complete and the check has been printed, print the edit list to make sure there are no errors and verify the entries. Foreign Currency information is displayed on both the edit list and posting journal. Once posted, checks will be available to view in monthly reports, vendor reports, and inquiries.

Sample Edit List

Sample Posting Journal

If you have further questions, please visit our website www.dphs.com OR contact Data Plus Support.