Multiple exchange rates per invoice

Multiple exchange rates per invoice is the exchange rate for conversion of VAT on a foreign currency invoice. Multiple exchange rates per invoice is different from the exchange rate that is used for the remainder of the invoice.

Typically, this situation arises when a domestic vendor invoices a domestic customer in a currency other than the local currency. The VAT is calculated by using an exchange rate that is provided by the tax authorities.

Mexico specifics

For transactions in foreign currency, the VAT must be recalculated at the exchange rate on the date of the invoice payment.

VAT must be recalculated based on the original amount and adjusted for the new currency rate. Journal entries must be adjusted for realization of VAT to recognize exchange differences.

If the taxable value is denominated in a foreign currency, it must be converted to the local currency at the exchange rate that is published in the official gazette. The conversion must occur on the date that the taxable event occurred.

How Infor meets the requirement

This requirement is not currently supported by this ERP for this country.