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This text refers to program version 8.4  

Using Currencies in Payments

This page describes entering a Payment in Currency.

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

Each row in a Payment includes the following Currencies and Amounts:

B. Cur., Bank Amount
The B. Cur. (Bank Currency) is the Currency of the bank or cash account from where the payment will be issued. If you have specified a Currency in the relevant Account record (the Account that is specified in the Payment Mode i.e. the Account record representing your bank or cash account), this Currency will be brought in and cannot be changed. Otherwise, the default will be Base Currency 1 but you will be able to change to another Currency if necessary.

The Bank Amount is the amount issued from the bank or cash Account, expressed in the Bank Currency.

S. Cur., Sent Value
The S. Cur. (Sent Currency) is the Currency in which the payment was issued. As a default, it is assumed that the Sent Currency will be the same as the Currency of the Purchase Invoice being paid.

The Sent Value is the value of the payment, expressed in the Sent Currency.

I. Cur., Open Inv. Value
The I. Cur. (Invoice Currency, visible on flip B) is the Currency of the Invoice being paid. The Open Inv. Value is the outstanding amount on the Invoice, expressed in the Invoice Currency.
When you specify an Invoice Number, the outstanding amount on the Invoice will be placed in the Sent Amount field. The Sent Amount will be converted to the Bank Currency using the conversion rates valid on the date of the Payment, and this figure will be placed in the Bank Amount field.

Note that you must enter a Payment Date before specifying a Purchase Invoice Number, so that the correct 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.

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Enter a Payment Date before specifying a Purchase Invoice Number.


In the illustration above, a payment in JPY (the Sent Currency) was issued and paid out of a GBP bank account (the Bank Currency).

If you use the same Bank Currency for every row in a Payment (i.e. in every row in the Payment), the Withdrawn figure at the bottom of the window will display the sum of the payment amounts in that Currency.

In normal circumstances, you should not change the Bank Amount and Currency. In the case of a partial payment or overpayment, change the Sent Value. The Bank Amount will be recalculated automatically, using the Base and Exchange Rates valid on the date of the Payment. 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 Standard ERP, 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. Please refer to the Exchange Rates at the Bank page for an example.

You can enter bank charges to the Bank Fee field on flip I, so you can register separate bank charges for each payment. You should enter the bank charge figure in the Bank Currency. Bank charges will be posted to the Bank Fee Account specified on the 'Creditors' 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 235.29) was issued in the form of two cheques, one for NOK 526.65 and one for 207.60 Euros. They were paid out of different bank accounts (Payment Modes representing the Bank Accounts were specified on flip C, not shown in the illustration):

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Using Currencies in transactions of various kinds:

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