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This text refers to program version 4.3  

Payments

Both conversion systems add several new fields to the Payment screen. The following comments apply in the main to both conversion methods: any minor variations are detailed in the text.

When you enter a Payment, you can apply a separate Currency to each row in the Payment record. So, you can record every cheque that you dispatch in a single day in a single Payment record, irrespective of Currency (and of Payment Mode and therefore of Bank Account).

As a default, it is assumed that a payment for an Invoice will be made in the same Currency as that in which the Invoice was issued, so entering an Invoice Number in the grid will bring in the appropriate Currency. The current conversion rates are used and cannot be modified for an individual payment.

Note that you must enter a Payment Date before specifying a Purchase Invoice Number, so that the correct Base and/or Exchange Rate can be chosen. If you specify a Purchase Invoice Number and the Bank Amount is not converted to the home Currency, it will be because the Payment Date field is blank.

!	Enter a Payment Date before specifying a Purchase Invoice Number.

In the example illustration, a cheque was issued in USD (US Dollars, the S. Cur or Sent Currency) but paid out of a GBP (Pounds Sterling) bank account (the B. Cur or Bank Currency). If the Bank Currency is the same for each row on the Payment, the Withdrawn figure at the bottom of the screen shows the sum of the payment amounts in that Currency. As a reminder, the Currency of the original Purchase Invoice appears as the PI. Cur on flip B.

If you are using the Dual-Base system or both systems in combination, the Bank Currency will default to the Default Base Currency as defined in the Base Currency setting in the System module. You can change to Base Currency 2 (Dual-Base system) or any other Currency (both systems in combination) if this is appropriate for the bank account that will issue the payment. The Bank Amount will be recalculated automatically, using the current Base and/or Exchange Rates. If you are using the simple conversion system only, there will be no default in the Bank Currency field, which effectively means your home Currency will be used. You can specify your home Currency for clarity, or you can specify any other Currency if necessary.

In normal circumstances, you should not change the Bank Amount. In the case of partial payments or overpayments, change the Sent Value. The Bank Amount will be recalculated automatically by FirstOffice, using the current Base and/or Exchange Rates. If you change the Bank Amount, the Sent Value will not be updated automatically, so you should only make such an alteration in exceptional circumstances. Examples might be when you know that the exchange rate that will be levied by the bank is different to the latest rate in FirstOffice, or when you know the exact amount of the Payment as withdrawn from your bank account. Changing the Bank Amount is therefore effectively the same as changing the exchange rate for a single Payment row. There is an example later in this section.

You can enter bank charges to the Bank Fee field on flip F, so you can register separate bank charges for each cheque. You should enter the bank charge figure in the Bank Currency. Such charges will be posted to the Bank Fee Account specified on the 'Exchange Rate' card of the Account Usage P/L setting, as shown below:

The following illustration shows the flexibility of the Payment system. Payment against a Purchase Invoice made out in Norwegian Kroner for NOK 2526.65 (GBP 224.21) was issued in the form of two cheques, one for NOK 526.65 and one for 281.71 Euros. Both were paid out of the GBP bank account:

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