Foreign currency

VybeBooks can track bills presented in a foreign currency. It does that by tracking the foreign currency (FC) amount as well as the native currency (NC) amount.

The first step is entering exchange rates for any currencies that you may receive bills in. We can modify exchange rates by going to “Misc” and then “Exchange rates” menu item. If the currency that you want to edit is not there then select “Show all currencies” and find it in the list. The value here should be reasonably accurate.

Once you have added exchange rates to a selection of currencies then you can enter the bill. There will now be a drop down showing all of the selected currencies as well as the NC one. The NC one will be the default but you can select one of the others. Once posted the current exchange rate for that currency will be applied and that will be sent to the A/P system. The FC amount will continue to be tracked in the billing system.

When paying FC bills there will be an extra column showing the foreign amount. As with NC bills you can pay part or all of that amount. In the native column you will enter the exact amount that you spent to pay that bill. When the bill is fully paid - based on the FC amounts - then a calculation is made on the NC and any outstanding amount is applied to the exchange P/L account.