MANAGE MULTICURRENCY ACCOUNTS

Use the Manage Multicurrency Accounts screen to select those accounts and organizations that will be charged for foreign exchange gains and losses. Foreign exchange gains and losses result from accounts payable, accounts receivable, billing, and purchase order transactions that involve currencies other than your functional currency. For accounts payable transactions, Costpoint calculates the amount of gain or loss using the exchange rates for the date the voucher or purchase order is saved and the date the voucher is selected for payment. For accounts receivable transactions, Costpoint calculates the amount of gain or loss using the exchange rates for the date the invoice is saved and the date the payment is entered.

Use this screen when you initialize Costpoint Multicurrency.

Location

Identification

Currency

Enter or click to select, the code for the currency for which transactions will initiate a gain or loss. This gain or loss will be recorded when the currency is the to currency in a from-to exchange. You set up currencies on the Manage Currencies screen.

Gains and Losses

Realized Gains and Losses

Select Accounts

Gain Non-Proj Acct

Enter, or click to select, the account number to which your realized gains will be posted. This account number cannot be a project account. We suggest that you create a separate account specifically for foreign currency gains and losses. Realized gains occur when a foreign currency transaction is completed (an AP voucher is entered and the voucher is paid, or when payment is applied to an AR invoice).

Loss Non-Proj Acct

Enter, or click to select, the account number to which your realized losses will be posted, or use Lookup to select the account. This account number cannot be a project account. We suggest that you create a separate account specifically for foreign currency gains and losses. Realized losses occur when a foreign currency transaction is completed (an AP voucher is entered and the voucher is paid, or when payment is applied to an AR invoice).

Select Organizations

Use A/P or A/R Org

Select this option to charge realized gains and losses to the same organization as the posting AP or AR organization.

Use Other Org

Select this option to charge realized gains and losses to a different organization than the posting AP or AR organization. In the related field, enter, or click to select, the organization.

Unrealized Gains and Losses

Select Accounts

Gain Non-Proj Acct

Enter, or click to select, the account number to which your unrealized gains will be posted. This account number cannot be a project account. We suggest that you create a separate account specifically for foreign currency gains and losses. Unrealized gains occur when a foreign currency transaction has not been completed, but a gain or loss is recognized for financial statements. (An AP voucher is entered but unpaid. At the end of the period or year, the voucher is revalued to show a gain or loss, as if the voucher had been paid in that period or year. For AR transactions, an invoice has been entered, but no payment has been received. At the end of the period or year, the invoice is revalued to show a gain or loss, as if it had been paid in that period or year.)

Loss Non-Proj Account

Enter, or click to select, the account number to which your unrealized losses will be posted. This account number cannot be a project account. We suggest that you create a separate account specifically for foreign currency gains and losses. Unrealized losses occur when a foreign currency transaction has not been completed, but a gain or loss is recognized for financial statements. (An AP voucher is entered but unpaid. At the end of the period or year, the voucher is revalued to show a gain or loss, as if the voucher had been paid in that period or year.)

Select Organizations

Use A/P or A/R Org

Select this option to charge unrealized gains and losses to the same organization as the posting AP or AR organization.

Use Other Org

Select this option to charge unrealized gains and losses to a different organization than the posting AP or AR organization. In the related field, enter, or click to select, the organization.

Reference No

Use this block to assign reference numbers to gains and losses.

Use these fields only if you use reference numbers for additional data entry (rather than as an alternate reporting structure).

Ref 1

Ref 1 may display a different label if it has been changed on the Configure General Ledger Settings screen. For example, it may have been changed to AC 1.

Realized Gain

Enter, or click to select, the code to be added to the Reference 1 field when there is a realized gain.

Realized Loss

Enter, or click to select, the code to be added to the Reference 1 field when there is a realized loss.

Unrealized Gain

Enter, or click to select, the code to be added to the Reference 1 field when there is an unrealized gain.

Unrealized Loss

Enter, or click to select, the code to be added to the Reference 1 field when there is an unrealized loss.

Ref 2

Ref 2 may display a different label if it has been changed on the Configure General Ledger Settings screen. For example, it may have been changed to AC 2.

Realized Gain

Enter, or click to select, the code to be added to the Reference 2 field when there is a realized gain.

Realized Loss

Enter, or click to select, the code to be added to the Reference 2 field when there is a realized loss.

Unrealized Gain

Enter, or click to select, the code to be added to the Reference 2 field when there is an unrealized gain.

Unrealized Loss

Enter, or click to select, the code to be added to the Reference 2 field when there is an unrealized loss.