Unlike Manual Checks, the account currency of the credit card does not control which vendors can be paid in Credit Card Payments. The vendor currency will display after the 'Transaction amount' field.

Enter amounts in the vendor currency. During the update, the system will translate the vendor currency into the account's currency for Cash Management purposes. All transactions to the G/L will be translated into the reporting currency.

Credit Card Purchase Example

Assume a 500 Canadian Dollar Pound invoice was paid for using a British GBP credit card. In this transaction, no VAT or GST was recorded. The reporting currency is US Dollars.

The system will calculate the exchange rate from Vendor currency to the Account currency as it relates to the Reporting currency. Using the invoice's G/L dates, the following FX rates are in effect:

• 1.00 USD = 1.320910 CAD
• 1.00 USD = 0.654564 GBP

Thus, $500 .00 CAD is $378.53 USD which is £247.77 GBP

Journal Entry

The following is the journal entry that was booked when the Canadian invoice was updated.

This is the journal entry to record payment of the Canadian invoice with a GBP credit card.