Assigning the Vendor Currency
Assign the vendor currency whenever the vendor conducts all business in a currency different from the company's reporting currency. On the Vendor Payment Setup page, assign the vendor currency by selecting 'override currency' and entering the currency code.
Example:
Processing Rules
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When using a vendor currency that is not the reporting currency, it will display on the Vendor Info Bar.
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In the event that the vendor accepts multiple currencies, it is a requirement that a different version of the vendor be set up in Spectrum for each currency you expect to use. During data entry, the user will need to select the vendor code that is assigned the same currency as the invoice was written in.
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For example, a Canadian Dollars invoice needs to be entered for a Canadian Dollars vendor. Furthermore, unless paid with a credit card, the bank account used to pay the invoice must also be in Canadian Dollars.
Important: The Vendor's 'override currency' code can be changed. While this will not impact any existing transactions, the new vendor currency will be used going forward on new transactions. It is recommended that security be set to prevent this from happening in error.Tip: :Incorporate the Currency into the Vendor Type. This will be useful to identify all vendors of a specific currency. It will also allow for printing reports for a specific currency.Tip: Use the 'Currency' column to sort the Vendors listbox. To group vendors with the same currency together, sort the Vendors listbox by currency code.
