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[Kristen Riley]

Hi,

We are looking at the option to pay some of our vendors in different currency then the currency they invoice us in.  I thought this would be possible but when I enter an invoice in USD, and then try to pay in other currency that is not the companies functional currency GP does not let me.  It says it must be in the originating or Functional currency.  Does anyone have experience with this or now of any other product attachments that would allow it.

Thanks and any comments or leads would be appreaciated.

Kristen

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Kristen Riley
Sr Mgr Finance
Groupe Dynamite
MONTREAL QC
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[Shari Bruno]

?Hi ?

Are you using the Multicurrency Module? If so:
Do you have a currency table setup between your functional currency and the currency you want to send?
Are you changing the currency ID on the transaction to the currency you want to send?
Do you have a checkbook for that currency to expense the payment against?

It would also be helpful if you detail the process you are using.

Thanks!

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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[Kristen Riley]

Hi ,

Thanks for your response,  we do use Multicurrency Module.  Our company has a the canadian dollar as functional currency and we have not problem with our US vendors paying in USD.  However the new situation we have is the suppliers invoice us in USD as usual but if we pay in another currency we could receive a discount. So ideally we would like GP to allow us to enter the transaction entry in USD but pay in other currency, which it does not seem to allow.

In the transaction entry window we set the currency to USD,  but when we try to create a batch for payment using other currency RMB it does not allow us to select any US dollar transactions.  This is the error we received.  I have a check book for this currency I want to paywith and have a FX table.

  

I was surprised GP had this limitation and wondering if I am doing something wrong or if it something GP just won’t allow.  Also wondering if there are any third party products.

Kristen

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Kristen Riley
Sr Mgr Finance
Groupe Dynamite
MONTREAL QC
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[Shari Bruno]

?Hi

I can’t speak into third parties that may be able to do this, but with native GP functions I can’t see how the system can pay an invoice in a currency that is not the same as the checkbook that the payment will be made from.

In our companies that use something other than USD for their functional currency, if they receive a USD invoice they enter it in USD, and then make the payment from their USD checkbook. If they receive an invoice that is in a currency other than those they are able to make payments in, they either convert it to one of the currencies they can use, or they go through the broker who sends foreign currencies that we do not transact in through GP.

For the example that you gave, do you operate a RMB checkbook account? If so you can convert the invoice per the rate of the date of input, enter a RMB invoice that can then be paid through your RMB account. Your vendor who issued the USD invoice will not be affected by this, they will receive the currency they requested, the rest is GP paperwork.

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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[Kristen Riley]

Thanks @shari burno,

That is the solution we had come up with too, we were just hoping it could have been more automated through the system.?

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Kristen Riley
Sr Mgr Finance
Groupe Dynamite
MONTREAL QC
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[Shari Bruno]

?You’re welcome

If you find a way to do this I would be interested in knowing about the solution as well.

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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[Thaddeus Suter]

GP Multicurrency is not two dimensional it is only one dimensional so that functionality does not exist.
GP works like this:
Functional Currency = Z-C$
Originating Currency = Z-US$
Originating Currency = Z-RMB$

There are only two rate tables in GP for this. Ie., one dimensional rate exchange between the Functional Currency and each Originating Currencies.

To do what you want would require a  cross rate between originating Currencies. Ie. Z-US$ and Z-RMB$   but GP has no rate table for this or the logic for a two dimensional rate table with the cross rates between originating currencies.

Here is a sample.

Functional Currency Z-C$

Vendor X has three invoices in different originating currencies:
  1. Z-US$ 1000 – originating
  2. Z-C$  $1300 – functional
  3. Z-RMB$  – originating

I can pay them in any currency, but I can only pay two of the invoices in any one originating currency or all three in Functional C$ currency.

Why, because there is no cross match rate table for US$ to RMB$ (originating to originating).

So if I am paying in US$ the RMB$ will not be allowed, only the C$
And if  am paying in RMB$ the US$ will not be allowed, only the C$
And lastly if I am paying in CN$ all three can be selected.

Probably about as clear as mud!

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Thaddeus Suter
Retus, Inc
HELOTES TX
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