Create & Post a Payable in a Foreign Currency

Overview

There may be times when you need to post a Payable in a foreign currency. For example, if your home currency is GBP - British Pound, you might sell something to a country that uses EUR - Euro as the currency. Using this example, you can select the appropriate foreign currency at the time the Payable is created. 

Note: In order to be able to select a different currency, Multi-Currency must be enabled.

Do you want to:

• Create & Post a Payable in a Foreign Currency
• View the Payable in VAT Reporting

Create & Post a Payable in a Foreign Currency

1. From Accounting Home, under Cash Out select Payables (Vendor Invoices).
2. From the list view, click New to create a new Payable. The New Payable dialog box displays.
3. If you click New, select or enter the following:
1. Ledger
2. Currency - select the appropriate foreign currency from the drop-down list.
   
   
   
   
3. Vendor or Contact. 
   Important: Payee cannot be an Employee when a VAT Tax Group is selected on a Payable Line. 
4. Payee Reference
4. (Optional) Complete any additional fields. 
5. Click Save. The Payable record displays.
6. Scroll down the page to the Payable Lines related list. To add Payable Lines, click Mass Add/Edit Rows.
7. Click Add New Line.
8. (Optional) Click the Lookup icon to search for and select a Product for the line. 
9. Enter the Quantity.
10. Enter the Unit Cost - the cost per unit. This is a required field.
    Important: The Total field is recommended to be read-only on the user interface. The amount that is entered in the Unit Cost field multiplied by the Quantity will determine the Total (Quantity x Unit Cost = Total). The Total field will also include the Tax Amount. If the Quantity field is blank, upon saving, a Quantity of one will auto-populate for the line.
    
    The Total field is controlled by Field Level Security (FLS). Therefore depending upon the permissions granted through a user’s Profile and/or Permission Set(s), the Total field might be editable. However, editing this field directly in the UI is NOT recommended.
    
    
11. Enter or search for an Expense GL Account.
12. Click the Lookup icon to search for and select a Tax Group for the line.
    Tip: To view all of the available Purchases Tax Groups for your country, enter the first three letters of the Tax Group. For example for Great Britain, enter “GBP” in the Lookup search textbox and click Go. Otherwise, you can view all of the available Tax Groups from Accounting Home, under Master Data Setup | Tax Groups.
13. (Optional) Add additional lines. 
14. At this point, you can select one of the following: Save & Complete, Save & Post, etc.
    

Note: Posted records can be viewed in Avalara VAT Reporting. 

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View the Payable in VAT Reporting

1. To view the Payable in Avalara, log into your VAT Reporting Account. 
2. From the Transactions menu, select Processed Documents.
   
   
   
   
3. (Optional) Select/enter any or all of the following, and then click Apply. 
   1. Company
   2. Processed After
   3. Processed Before
   4. Filename Contains
   5. Only Show Manual Documents (Only applicable if manual documents were created in Avalara VAT Reporting.)
4. Under File name, click the hyperlink for the Payable that you want to view. 
   Note: In addition to the Payable Number, each filename includes a date and time stamp. This information is included so that each Payable/Invoice Number can be uniquely identified.
5. Click the Invoice Number hyperlink.
   
   
   
   
6. Click the Invoice Number hyperlink again to drill-down for viewing line item details. Then, scroll down the page to view each line, as necessary.
   
   
   
   The amounts display for your home currency and for the foreign currency.
   
   
   
   
7. Scroll down the page to display the Additional Document Data.
   Note: In the example below, since the home currency is GBP, the Value for the Taxable Basis and the VAT display the amounts in British Pounds.
   
   

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