Multicurrency Accounting

Sage ERP Accpac Project and Job Costing 6.0

Multicurrency Accounting

Sage ERP Accpac Project and Job Costing supports multicurrency accounting.

Estimates

For project estimates, you enter all costs in your functional currency, and you enter revenue in the customer currency.

You also enter a rate type, rate date, and exchange rate for the original project estimate. Once you open the project for transactions, the program saves the original exchange information separately, so you can enter the current exchange rate for the current estimate.

Project and Job Costing displays estimated revenue for a project in both customer and functional currencies. It uses the original exchange rate to convert the original estimated revenue to functional currency; it uses the current exchange rate to convert the current estimated revenue and actual revenue to functional currency.

Note that when you specify units of measure in an estimate or on transactions for time and materials projects, you must choose a unit of measure that is defined for the currency in the A/R item record.

Cost transactions

In Project and Job Costing transaction entry forms, you enter costs in your functional currency. For transactions involving time and materials projects, you enter the billing rate or the extended billing amount in the customer currency.

Cost transactions are posted in Accounts Payable in both vendor and functional amounts, as for any Accounts Payable invoice.

Billings

Project and Job Costing produces invoices using your customer's currency.

For time and materials projects, transactions are stated on customer invoices using the extended billing amount from the transaction.
For cost plus and fixed price contracts, amounts are converted to customer currencies at the time of billing using the current exchange rate. If no default exchange rate exists, the program uses 1.0000000 as the exchange rate.

Exchange gains and losses

Exchange gains and losses are not posted to Project and Job Costing. They are calculated in Accounts Receivable or Accounts Payable at the time of payment, or when you post an applied debit note, an applied credit note, or an adjustment in those programs.

Exchange gain and loss amounts are sent back as reconciling items to Project and Job Costing, so that Accounts Receivable and Accounts Payable remain in balance with Project and Job Costing. You can view these items using the Transaction History form.