INVOICE CURRENCY AND PAYMENT CURRENCY

[hariTV]

HI ALL,

I HAVE ACCOUNTED A PURCHASE INVOICE WITH INR(FUNCTIONAL CURRENCY), WHEREAS I WANT TO MAKE PAYMENT FOR THE PARTICULAR INVOICE WITH USD CURRENCY.

IS IT POSIBLE? IF SOLUTION AVAILABLE PLEASE PROVIDE THE SAME.

[cnubandi]

Hai Hari,

As per my knowledge concerned Invoice Currency and Payment currency has to be same.But Payables has a functionality called Multi Currency Payments.By using this functionality after receiving invoice (other than your functional currency),your bank will allow to pay in that currency,but accounting in our functional currency.

[anuragagarwal1980]

Hi CNUBANDI,

I was under impression that one cannot make the payment in currency other than Invoice currency in Oracle Payables. Only exception was that of EURO currency

You have provided a twist to my thinking. Can you provide more details on your thoughts please.

Thanks
Anurag

[cnubandi]

Hi Anurag,

Multi-currency Payments means,
let us take one example..
My functional currency is INR.
I'm purchasing some items from USA (i.e invoice currency is USD)
My bank allows to pay in USD.But it accounts in INR only.
that mean <b>Invoice currency and payment currency has to be same.</b>

[venkoba.charyulu]

Hi,

You can make the payment in Forgien Currency by following the below procedure.

1.Enable use multi-currencies option at financial options of payables in the currencies region.
2.Create a payment format which has multiple currency radio button enabled.
3.Create a bank and bank account.Enable Multicurrency payments in the bank account at payment options region.
4.Attach the format created in step2 at the documents screen of the bank account.
5.Create an invoice in a foreign currency,validate it and ensure there are no holds.
6.Pay the invoice through any of the three options:
a.Through invoice work bench
b.quick payments
c.Batch payments
7.In any of the options,enter the bank account created in step 3 and enter the document created in step4.
8.a invoice workbench
IF done through this,already payment is referenced to the invoice and so you need to enable the format and print only and click ok.
b.quick payments
Here you may have to enter suppier name,site and click the invoices button and choose the invoice created in step5,click ok,and then enable format and print.
c.payment batches
In this case,system will pick up the invoice if all entered conditions in the batch are satisfied.Otherwise you can force the invoice for payment.After formatting and printing the batch,confirm the batch in order to release the document for future.


Thanks,
Venkoba Charyulu P

[hariTV]

Hi CNUBANDI,VENKOBA CHARYULU, ANURAG,

THANKS A LOT FOR FEEDBACK. IF I FOUND ANY SOLUTION I WILL POST IT.

REGARDS
HARIHARAN

[muzaffarnaim]

Hi All

Multi-currency option has nothing to do with the question asked by hari, multi-currency is used if you want to get your reporting done in different currencies. As for your question hari, invoice & payment currency can not be different, because it doesn't make sense either. Yes it can be convented into different currencies but can not be different from each other.

[hariTV]

Hi muzaffar,

Yes i understand. actually what happend you know, when we migrating the opening balances from the legacy system we took functional currecy value instead of actual currecy. Hence we are under trouble on making payment for these outstandings. Any how we are working outside the system and making payment with functional currency.

Once again thanks a lot man.