Multi-Currency Payments and Collections

All of the debtor/receivables, creditor/payables and client accounts in SunSystems are multi-currency accounts. You can enter invoices, credit notes and other transactions to these accounts in any valid transaction currency. These transactions can be held in up to four currencies: base currency, transaction currency, second base/reporting currency, and fourth currency.

You can generate payments and collect payments in the base currency or the individual currencies for transaction currency and fourth currency (i.e. Values 2, and 4). This is determined by the Currency for Payments setting in Ledger Setup (LES)

If transaction currency or fourth currency are selected as the Currency for Payments, you can produce payments in different currencies in a single Payment Run (PYR) or Payment Collection Run (PYC).

You can also produce payment documents including cheques and remittances in any language and currency.

When payments are made in a currency value other than base, Payment Run (PYR) and Payment Collection Run (PYC) generate the payment transactions in the appropriate currencies. Payments are always posted using historic rates.

If settlement discounts are taken or allowed, the payment process calculates the discount in the transaction currency and calculates the other two equivalent currencies, as required. It also calculates any tax amount included in the discount and generates the transactions required to adjust for this, if the Tax on Settlement Discount flag in Ledger Setup (LES) is set. The tax is calculated as a percentage of all the values individually, i.e. it is not a currency calculation.