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payment recording in multi-currencies

  • 7 August 2023
  • 3 replies
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H
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Hello Community,
I am stuck in an issue, where my company, in Acumatica, has the base currency of EUR and the payments recorded under this company’s cash account is in SGD. So here I have the Bills and Invoices in multiple currencies (AUD, MYR, INR etc). I have been migrating the data from Xero to Acumatica, so all the previous payments that have been recorded in Xero has the company been created with base currency of SGD, and also the cash accounts in SGD. Can you please suggest me how can I now make this in an easy work around in Acumatica for recording the payments?
 

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Best answer by Kandy Beatty 7 August 2023, 14:46

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Laura02
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Hello,

If you are migrating General Ledger Trial Balances or history by the month, trial balances and GL history must be migrated in one currency, your base currency EUR so that total debits match total credits. 

For each bank account that is denominated in currency other than Euro: After GL is migrated and approved, use Banking module, Transfer to create a multi-currency transfer from the Cash Account that is holding the migrated cash balance to a Cash account that is denominated AUD, MYR, INR, etc.

Open Bills can be migrated with Migration Mode on, in the various currencies to match the Xero system you are migrating from.

If you have open custom Payments in AR, I think these can be entered in Migration mode and left un-applied (please try one in your Test environment). If you can’t migrate an open Payment then a Credit Memo can be substituted so that the customer’s total balance is correct.

Laura

 

Laura ~ Klear Systems, Inc. Irvine, CA. ~ AUG Forums Episode130 ~
H
Rank
Userlevel 6
Badge +3

Hello,

If you are migrating General Ledger Trial Balances or history by the month, trial balances and GL history must be migrated in one currency, your base currency EUR so that total debits match total credits. 

For each bank account that is denominated in currency other than Euro: After GL is migrated and approved, use Banking module, Transfer to create a multi-currency transfer from the Cash Account that is holding the migrated cash balance to a Cash account that is denominated AUD, MYR, INR, etc.

Open Bills can be migrated with Migration Mode on, in the various currencies to match the Xero system you are migrating from.

If you have open custom Payments in AR, I think these can be entered in Migration mode and left un-applied (please try one in your Test environment). If you can’t migrate an open Payment then a Credit Memo can be substituted so that the customer’s total balance is correct.

Laura

 

Hello @Laura02 , thank you for your prompt reply. I was thinking if I can change the base currency of the company to SGD only. Since all the transactions are to be recorded in SGD. I just have invoices and bills imported from Xero to Acumatica. No trial balances or histories to be migrated.

Kandy Beatty
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Hello @Laura02 , thank you for your prompt reply. I was thinking if I can change the base currency of the company to SGD only. Since all the transactions are to be recorded in SGD. I just have invoices and bills imported from Xero to Acumatica. No trial balances or histories to be migrated.

HI @Harshita 

If you plan to change the currency, you have to ensure that there are no transactions in the tenant. I would suggest creating a new test tenant and testing your needs. Once there are transactions or if it it is a shared base currency, you will not be able to change it, it is not editable. 

 

Kandy ~ If a member helped you, please *Like* their post, and if a member provided an answer to your question, please mark it as *Best Answer*.

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