Hello.

We are doing business with a company in Sweden that bills us in Swedish Currency. When we enter the invoice into Adagio Payables, we credit a Swedish Accounts Payables account the full amount in Kroners and debit a Swedish Foreign Exchange Payables account the difference between the full Kroner amount and the Canadian Dollar amount at a rate of 1475.

So if the invoice was for 20,000 Kroners, our debit to record exchange for the invoice would be 17,050 Kroners with the difference of 2,950 being the Canadian Dollar amount.

The problem we are having is when we go to pay the invoice. We need to figure out how to debit the Swedish Accounts Payable 20,000, and credit the Swedish Foreign Exchange Payables 17,050 and credit the Canadian Bank Account 2,950.

Right now its debiting the Swedish Accounts Payable 20,000 and crediting the Canadian Bank Account 20,000. Is there a way to do this without the Multi-currency module or do we need to do manual adjustments?

Hi Ryan,

You're looking at manual adjustments. If it was my company, I would get the Multicurrency module. MC deals with these situations described with nominal effort.

You have other issues other than processing and accounting for the exchange, including revaluations and subledger reporting, that are beyond the manual adjustments.

It's funny how many client sites attempt to create a series of workaround processes to deal with Multicurrency, and how much effort it continually takes (daily and monthly), when the easiest and fairly affordable solution is just buy the module.

Best,
Brian