Using Multicurrency Accounting in Purchase Orders

Purchase Orders lets you process transactions in any currencies your vendors use. This section summarizes the steps you take to set up a multicurrency Purchase Orders system.

To create a multicurrency Purchase Orders system

1. Turn on the Multicurrency option for the company and select a default rate type in the Company Profile form in Common Services.

2. Use the Common Services Currency forms to add any currency codes you need for Purchase Orders, and enter rates for the currencies you use.

Sage ERP Accpac comes with a comprehensive set of currency codes that use standard international abbreviations and the format and number of decimal places that are normally used with each currency. You probably will not need to define new codes unless you do not use the international codes.

3. Turn on the Multicurrency option in your Accounts Payable Options form. This step automatically turns on the Multicurrency option for Purchase Orders as well.

4. Create an account set in Accounts Payable for each currency you want to use for Accounts Payable vendors in Purchase Orders.

5. If you post transactions to add current or year-to-date requisitions or purchase orders, enter the amounts in the vendors' currencies.

6. If you enter statistics for previous years and periods, enter the amounts in both the functional and vendor currencies. Purchase Orders cannot calculate equivalent amounts from statistics you enter yourself.

For more information, see Processing multicurrency transactions.

See also

 

Steps for setting up Purchase Orders