Multicurrency - fixing the payment value & exchange rate on payment date

In the system, you have the option to work with multiple currencies in addition to the account's default currency. Whenever a foreign currency payment or invoice is recorded, its value must be converted into the default currency.

There are two options for handling foreign currency payment amounts, which you can configure in the system. To select one, go to Settings > Invoice > Custom Currency and find the option named Fix payment value & exchange rate on payment date.

As shown in the screenshot above, the toggle is set to active by default. This means that the payment’s value and exchange rate are fixed at the time the payment is registered.

If the toggle is deactivated, the payment’s value and exchange rate are instead fixed when the payment is first attached to a prepayment invoice or invoice. In this case, the value and exchange rate are based on the invoice’s fulfillment date, using the exchange rate applicable on that specific date.

Additionally, it’s important to note how the toggle affects the outstanding balance calculation in the Folio:

• When the toggle is active: the system uses the amount shown in the "Amount in /% default currency %/ on payment date" column.
• When the toggle is inactive: the system uses the "Amount in /% default currency %/ on current day" column until the payment value is fixed.