Multicurrency - receipt rate override

SOLVED

Hi

First up, anyone know where I can get a copy of the manuals for multicurrency?  We are using v5.6a.

I am trying to work out how the rate override works in AR receipts.  We enter the invoice (using an average rate), and then when we receive the money into our bank account, we enter it using the rate from the bank on the day.  We go into the Rate Override screen and the in the Customer Rate section we enter the rate type (BK for bank), the date the money was received and then rate used, which then calculates the customer amount.

The issue is that the date reverts to the last one saved in the currency table for rate type BK.  And this can be 2 or 3 years ago.  The rate we enter saves - so the amount is correct, but when we look back at the transaction it looks like we have used the incorrect rate.

We don't want to have to maintain all the bank rates used, as it would mean we have to enter the rates into the currency tables before we enter the receipt (I can't see a way of doing this at the time of entering the receipt).

Can we just enter the rates in the Rate Override screen? How do we get the date to show correctly?

Cheers

Anna

Parents
  • 0

    If you want the correct Rate Date to show then you need to enter a rate for that date. The date you see is the matched rated date - even though you override the date.

  • 0 in reply to Ettienne Schwagele

    so the process to enter a foreign currency receipt would be:

    Common Services - Currency - Currency Rates - select correct table, enter rate

    Accounts Receivable - A/R Transactions - A/R Receipt Batch - create new - enter details, Rate Override, enter rate type.

    Repeat for each time a foreign currency receipt is received.

    Seems a bit of a waste of time - I would have thought a Rate Override would do just that - allow you to override the default rate (which should include the date - or use the date from the receipt).  Why does it need to be entered into the Currency Rates first?  Especially since we don't actually need to keep track of these rates.

  • 0 in reply to atwilson
    verified answer

    Only if you insist on seeing the rate date = your receipt date. If you ignore the rate date (OCD?) then you can simply override the rate and be done with it.

  • 0 in reply to Ettienne Schwagele

    Thanks - we have decided to delete all those rates out of the table (since we don't look at them anyway) and the date now shows correctly - it just looked like it had been done wrong if the date was wrong. We have three companies and it was correct in one - as there wasn't anything set up in that rate table.

    Where can I find a manual for multicurrency - doesn't seem to be in our manuals. Interested in making sure our setup is correct - for tax, etc.

    Thanks

    Anna

  • 0 in reply to atwilson

    Press F1 from the Sage 300 desktop, search for multicurrency.

  • 0 in reply to Jay Converse Acumen

    Thanks Jay - that gave me some info.

    I am trying to check that our setup is correct (and it varies throughout our 3 companies).

    So trying to understand the relationship between things - ie we only report to one tax agency (in our functional currency) but when I set up the customer group for a customer in another currency, it warns me that the Reporting Currency doesn't match the Source Currency - should I be adding a tax group or not?

    This is just one example - is there anything that explains why, when and how things should be set up?  This was originally set up by our consultants and it appears to be inconsistent between companies and currencies (not sure they totally understood it) - but we have had a few issues with things looking weird, so want to get it correct.

    Thanks

    Anna

  • 0 in reply to Ettienne Schwagele

    Hi, just want to make sure - is it ok to use multicurrency but not have the information (rates) in currency table - so we we enter an invoice, purchase, receipt or payment for a transaction in a different currency, we need to manually enter the rate.

    Thanks

    Anna

  • 0 in reply to atwilson

    Yes, but FWIW not a single one of my multicurrency clients does that.

Reply Children
No Data