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The OrderStream Financial system can accommodate users that wish to pay foreign vendor invoices using a domestic account. In this case, the system will display the current currency exchang rate in the system. Users can also adjust the rate on the fly based on information from their banking institution to ensure the correct exchange rates are applied.
To process a invoice to a foreign vendor using a domestic account;
| 1. | Create the accounts payable as a normal payable. |
| a. | Open the payables module, choose your bank account to use. |
| 2. | At this point the screen now displays to you a list of all the payables. |
| 3. | On the bottom right of the screen is the current exchange rate in the system. You can click on the rate and edit to reflect the rate indicated to you by our bank. |
| 4. | Select the invoices you would like to pay. |
| 5. | Notice that the exchange rate is now updated on the screen for each item in a foreign currency. |
| 6. | The system will recalculate for you the new functional exchange rate. Note that: |
| a. | Bank Account Amount column will now show the total amount in the banks currency that will be withdrawn. |
| b. | The functional rate of the transaction is displayed as a reference to you. |
| c. | The current function rate is shown to you for reference. |
| d. | The functional amount indicates the dollar amount of the invoice with the exchange rate applied to it. |
| e. | An exchange gain/loss is displayed along with the GL account that will be used to capture the gain/loss. |
Note: It is critical that the correct exchange rate be recorded. Failure to do this will result in additional work on the bank reconciliation.
| 7. | Once all invoices have been selected that you would like to pay, press the “Create Cheques” button to complete the process. |
| a. | Note that the button text will change based on the payment type that you have selected for the batch. |
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