M9-AP-1024 Foreign Currency Processing

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Synopsis

This Extended Solution provides a method to enter and maintain Accounts Payable Invoices in a foreign currency and post to the General Ledger in U.S. Dollars. A default currency conversion factor by division can be maintained.

Additional functionality is available if you have Extended Solution PO-1062, Foreign Currency Processing installed and enabled.

This Extended Solution is not compatible with AP-1006, A/P Cash Accounting and Posting History.

Installation

Before installing any Extended Solution, please verify that the version level referenced on your installation file is the same version level as your MAS 90 MAS 200 installation. (For more information please call (800) 425-9843). It is recommended to have a complete and tested backup prior to installing any application on your Sage MAS 90 MAS 200 platform.

Extended Solutions Control Center

Installing any Extended Solution will add an Extended Solutions Control Center to the MAS 90 MAS 200 Library Master Utilities menu. When you open the Control Center, the following options will be available:

Merge Installation Files
Extended Solutions Setup options

Custom Office

If you customize your MAS 90 MAS 200, then you must run the Update Utility every time you install this Extended Solution.

Setup

Upon completion of software installation, you will need to access Extended Solutions Setup from the Accounts Payable Setup menu. Select this part number, and the Setup screen for this Extended Solution will appear (Figure 1). Check the ‘Enable Extended Solution’ box to activate this Extended Solution.

Figure 1

Answer the following prompt:

OUT OF BALANCE PROTECTION ACCOUNT: Specify the G/L account number you want to use for out of balance postings. (See Operations, ‘A/P Invoice Data Entry and Update’ for explanation of this feature.)

You should visit this Setup screen after each upgrade or reinstallation of this Extended Solution.

Role Maintenance
The following Tasks have been added to Accounts Payable, Setup Options:

Extended Solutions Setup
Currency Code Maintenance

Users who are authorized to run any of the above should be granted permissions for the respective tasks and security events. Please review your security setup in Role Maintenance and make appropriate changes.

Operation

Currency Code Maintenance
Currency Code Maintenance can be found on the Accounts Payable Setup menu (Figure 2).

Figure 2

You will be prompted for:

CURRENCY CODE: Enter up to 3 characters.

DESCRIPTION: Enter up to 30 characters of description for the Currency Code.

EFFECTIVE DATE: Enter the date on which this Currency Code takes effect.

CONVERSION RATE: Formatted as #####0.0000, enter the applicable conversion rate of this currency to US Dollars. It is to be stated in terms of the number of U.S. Dollars equivalent to one foreign currency unit. For example, if the Euro is used, and the exchange rate is US $1.54 to 1 Euro, enter 1.54 as the conversion factor.

A/P Division Maintenance
A Currency button has been added to Division Maintenance (Figure 3). Click it to access Currency Code Entry and specify a default Currency Code for the Division (Figure 4). This default currency code will be used and displayed when invoices are created for vendors belonging to that division.

A/P Invoice Data Entry and Update
Invoice Data Entry has been modified with a Currency button (Figure 5). Click this button, to select an on file Currency Code to be used with this Invoice (Figure 6). If a Currency Code has been specified in A/P Division Maintenance, it will default but can be overridden. You can also override the default Conversion Rate. The rate in this field is stored with the Invoice. It does not write back to Currency Code Maintenance.

Enter the Invoice Amount and Distribution Amounts in the foreign currency.

The Invoice Register and Manual Check Register ‘Recap by Division’ will print in converted currency; therefore, it is recommended that all invoices within a Division reference the same Currency Code.

During the update of the Invoice Register to the Daily Transaction Register, the conversion factor on the invoice will be used to convert the invoice amount to U.S. Dollars. On occasion, an out of balance posting condition (usually in pennies) might occur due to rounding issues. If you specified an Out of Balance Account in Setup and an out of balance posting condition is detected, the out of balance amount will then post to this account number.

Aged Invoice Report
‘Print Invoice Amounts in U.S.D.’ has been added to the Main tab of the Aged Invoice Report selection screen(Figure 7). Check this box to convert each vendor’s outstanding balances to U.S. Dollars. Leave unchecked to print in the foreign currency.

Figure 7

The following fields have been added to the Aged Invoice Work file; you will need to modify the report to take advantage of the features:

DivCurrencyCodeFlag_001: Will print the Currency Code from the Division masterfile
CurrencyCodeFlag_001: Will print a ‘*’ for any invoices that have a currency code; it is recommended that this field be added next to the invoice number.
CurrencyCode_001: from the Open Invoice file
ConversionRate_001: from the Open Invoice file

Check Selection/Check Maintenance/Manual Check Entry
No changes have been made to Accounts Payable Check Selection, Check Maintenance, and Manual Check entry. It is recommended that you set up a check form for each currency code. The only change will be the Check Register/Manual Check Register posting to the Daily Transaction Register; it will be at the amount of the invoice multiplied by the conversion factor stored with that invoice.

Bank Reconciliation
If you own the Bank Reconciliation module and have integrated it with Accounts Payable, the posting will be in the foreign currency. It is recommended that the bank account be denominated in that currency.

Job Cost integration with Accounts Payable
If you own the Job Cost module and have integrated it with Accounts Payable, the update of the A/P Manual Check Register, A/P Check Register, and the A/P Invoice Register to the Job Cost Transaction Detail file will convert the monetary values to U.S. Dollars using the document’s conversion factor.

The Accounts Payable Open Invoice by Job Report has an option to print the amounts in U.S. Dollars (Figure 8).

Figure 8

When selected, the report will print distribution amounts and invoice balances converted to U.S. Dollars. This format will not print the payments/adjustments and retention balance columns.

Helpful Hints

The ‘Out of Balance Protection Account’ will be posted to any time an out of balance condition is detected during the printing of the Daily Transaction Register, regardless of the source of the update.

Crystal Reports and the ODBC Dictionary

The files listed below have been added or changed in the Dictionaries by this Extended Solution for Crystal Reports or visual Integrator purposes.

What’s New

With the 03-06-2008 release:

Converted to the Business Framework
Moved ‘Item Cost Change Category’ option to PO-1062
Modifications to the Aged Invoice Report must now be maintained manually

Upgrades and Compatibility

The installation CD is labeled with the version of the MAS 90 MAS 200 module for which this Extended Solution was prepared. This Extended Solution will check its compatibility with the appropriate MAS 90 MAS 200 modules and will be disabled if an incompatibility is found. If you upgrade your MAS 90 MAS 200 modules, this Extended Solution must be upgraded as well. Your MAS 90 MAS 200 dealer can supply this upgrade.

Documentation

Only changes made by Blytheco, LLC to the standard operation of Sage Software, Inc. MAS 90 MAS 200 have been documented in this manual. Operations not documented in this manual are standard procedures of MAS 90 MAS 200 processing. Standard MAS 90 MAS 200 processes, data entry screens, inquiry screens, reports, updates, etc., have not been changed unless addressed in this document.

Parts of this document may refer to the Specific Purpose Rule. When referenced, the described feature was developed for a specific client to its specifications and may not conform to generally accepted MAS 90 MAS 200 standards and procedures. These features may or may not benefit you in your application of MAS 90 MAS 200.

Acknowledgments

Revision Note: 4.4