AR Foreign Currency Processing Overview

This section describes how Foreign Currency Sales Orders and Accounts Receivable Invoices are processed in StreamV

Customer Setup

As each customer record is created, a default currency can be defined for the customer.  The currency in the customer record is a default, and it can be changed on a order by order, or invoice by invoice basis as required (a single customer is not restricted to a single currency).  Security settings can be used to restrict or allow access to the currency field in the Order Emtry program and in programs that allow you to directly create invoices.

Order Entry

As each Quote, Sales Order and Loaner order is entered into the system, the default currency for the customer is loaded into the new order.  This default currency can be accepted or changed on an order by order basis (again based on system security settings – which can vary by operator).  The currency code that is used for each order is stored in the order, and it cannot be changed once order lines have been created or after the sales order has been saved.

If the order being processed is not in your house currency, the system uses the current exchange rate for the order currency during the order entry target price calculation process.

As each item is selected, and the quantity for the item is entered, the system checks for foreign currency pricing for the currency, customer, and item being processed.  The pricing options for foreign currency orders include

Special Price Records

Special Pricing records can be created for the foreign currency, item and customer combination being processed.  This allows a specific FC price (like 100 CAD ) and FC Commision Cost (like 80 CAD)  to be specified for the item.

Prices Records

The Prices file allows you to create and store Foreign Currency Price Levels for each of the Catlog items in your system.   If a Prices record is present for the item price level and currency being used for the order, it is used in place of the house currency price levels that are stored in the item.

 The Prices records allow you specify the exact amt to be charged for each currency you sell in and

Price based on House Currency Price Level and Current Exchange Rate

If the system does not find a special price or prices record for the customer, item and currency being processed, the system will use the Inventory Price Levels specified in the Catalog record for the item, and the current exchange rate for the order currency to calculate the correct price to be charged to the customer.

The system then determines the target or suggested price for the order line based on all of the pricing information that is present in the system.

Invoicing

 

Sales Posting

Payment Processing

Foreign Currency payments are applied

AR Adjustment Processing

Reporting

Credit Requests

The Credit Request Detail progrm is divided into several different objects.  These objects, such as the Company Account and name field, and the Original Invoice Number may or may not be loaded, depending on if you are viewing an existing credit request, or entering a new credit request.  The system will try to default the appropriate information (such as the customer and the invoice you are entering the request for) when you are inserting a new Credit Request for a customer or a specific invoice.

The Normal process for entering a new Credit Request is as follows (these steps are described in more detail in the Overview section of this document).

•      Verifying the Credit has not already been issued.

•      Selecting the Customer

•      Selecting the Original Invoice Number (and optional line) the Credit Request is associated with.

•      Entering the Reason Code for the Credit Request.  The Reason code is used to classify the request.  It is usually required and the contents are validated using a Gencode Table (CREDREQR)

•      Verifying or changing the Sales Rep

•      Selecting the Credit Code to be used for the Credit Request (the Credit Code determines the item number used for the credit when it is issued).  The Credit Code is required and the entries in the Credit Code table must exist as Nonstock Inventory Items.  The contents of the field are validated using a Gencode Table (CREDREQC)

•      Enter the quantity for the credit

•      Enter the price for the credit (this must be entered as a positive amount and it will be converted to a negative when or if a credit memo is issued for the Credit Request.

•      Entering a description for the Credit Request.

•      Saving the Credit Request

Once you have saved a new Credit Request you may add a Comment or Images to the record, and you may view and edit the record using the Credit Request Lookup. Other operators in the system may also view and edit the record as required.

More:

AR Lookup Programs