General Information on Currency Payments
General Settings
Supplier Information
Information on the Purchase Invoice Form
Payment Batch Details
Payments from Bank Statement and Manual Payment
General Information about Currency Payments
- In use with the purchase ledger feature of Purchase Invoices.
- Can be paid from
- accounts of Nordea, Osuuspankki, Danske Bank, and Samlink banks.
- an account in euros for payments in different currencies.
- Note! Payments to countries that use intermediary banks (for example, Russia or China) are not supported.
- Payments and their exchange rate differences are automatically recorded from the bank statement.
General Settings
In the general settings, an account for exchange rate differences must be defined. This way, Purchase Invoices can automatically record the exchange rate difference to the account specified in the settings.
Supplier Information
The nationality (Domestic / Foreign) no longer affects bank account verifications, the selection is only available as informative data.
Basic Information Tab
The program requests to verify the supplier's address details when they are missing during the storage of supplier information. If the supplier only has a Euro-denominated bank account, the program's notification can be acknowledged by clicking the OK button.
Bank Account Tab
- IBAN account numbers of the SEPA area countries are verified. There is no verification for accounts in other countries due to different practices.
- The supplier's bank account address details should be provided. It is advisable to fill in the details as accurately as possible, as the bank will reject the payment if the information is incomplete.
- The payer of the bank fees should be specified (SHA, OUR, BEN).
TIP: If there are multiple foreign suppliers in the Purchase Invoices - register, the supplier register can be exported to Excel (Register Maintenance). In the Excel file, it is easy to complete the foreign supplier and bank address details for the necessary bank accounts.
Information on the Purchase Invoice Form
The program checks the supplier and bank address details on the purchase invoice form if the country selected for the supplier is the one where the address details are needed. Missing bank address details must be completed in the supplier register.
In the Opening phase of the audit cycle, the supplier's bank account information (Bank account, Swift, Clearing, and expense payer) can still be changed. The information cannot be changed in other phases of the cycle.
NOTE! If a credit invoice is issued for a currency payment, the credit invoice must have the same date as the charge invoice. This way, both the credit and charge invoices use the same exchange rate.
Payment Batch Details
Create payment batch functions (Purchase Ledger – Open)
- With the same payment batch, payments can be made in both Euros and other currencies.
- The columns in the payment batch are displayed in two rows if the invoice currency is anything other than EUR. The columns in the second row are: Expense payer, Exchange reference, Home currency, and Exchange rate. The Exchange reference and Expense payer columns are only visible when the payment batch has at least one invoice with a currency other than EUR. If necessary, an exchange reference can be added or the expense payer can be changed in the payment batch.
Sent payment batch (Purchase ledger – Payment batches)
- Sent amount field shows the total of sent invoices in euros, calculated according to the invoice exchange rate.
- Paid amount field updates as the invoices with payment batches are marked as paid. The paid amount is calculated based on the actual payment exchange rate and therefore differs from the sent amount.
- Payment batches view shows columns in two lines for payment batches if the invoice currency is other than EUR. The second line columns are: Payer of expenses, exchange reference, invoice exchange rate, payment exchange rate, and home currency.
- Payment exchange rate field information updates when the bank statement arrives and marks the payment as paid.
Payments from bank statement and manual payment
- The exchange rate used for the invoice is the European Central Bank's average rate.
- The exchange rate for the payment is based on the bank's own rate, which will update for the payment batch later during the payment process, when the bank statement marks the invoice as paid.
- Payments and any potential exchange differences are automatically recorded according to the accounting accounts defined in Purchase invoices.