Receipting a foreign currency payment follows all the same steps as receipting a local currency receipt. Refer to Receipt a Customer Payment for additional information.  

Foreign Currency Receipts are created in the Receipting module for three types of foreign currency (FC) transactions:

Bank Account Currency	Customer Currency
Local Currency	Foreign Currency
Foreign Currency	Same Foreign Currency
Foreign Currency	Different Foreign Currency

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Foreign Currency Setup

To receive a foreign currency payment, an adjustment must be made in the Variation field of the Receipting module to account for fluctuations in exchange rates. Exchange rates may be set by the System Administrator. See Foreign Currency. 

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How to Receipt a Foreign Currency Payment Into a Local Bank Account

Select the bank and find the foreign currency Customer by clicking the arrow next to the Customer field. Enter the receipt details. The Local Value field is the amount being paid into the local bank account, the Foreign Value field is the amount being paid against the foreign invoices. Press the tab key to automatically calculate the foreign currency value using the current system exchange rate. If, after entering in the Local Value, the calculated foreign currency amount paid is incorrect, enter the amount directly into the Foreign Currency Total Value field. Press the tab key to automatically recalculate the exchange rate. Alternatively, altering the foreign exchange rate will recalculate the Foreign Value field. 

Steps 4 – 6 are unchanged in the process, but depending on the exchange rate, there may be a variation that will be recorded. In the above example, the invoice was recorded at .75000. So effectively, the invoice originally recorded 800.00 USD as 1,066.67, meaning Moveware recorded 1,066.67 in revenue. Upon receipt, that same 800.00 USD is being recorded as 1,000.00 meaning Moveware over estimated revenue by 66.67. This receipt will reduce revenue automatically by that amount, creating a journal entry to the Exchange Variation account: 

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How to Receipt a Foreign Currency Invoice Into a Bank Account with the Same Foreign Currency:

Receipting is done using the standard steps, but there is a foreign currency which will determine the local valuation on the journal entry. In the above example, invoice was recorded at 0.75, receipt recorded at 0.80 resulting in a variation: 

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How to Receipt a Local Currency Invoice Into a Foreign Bank Account:

Note: Moveware is only able to utilise one foreign currency at a time. Receipting a foreign currency invoice to a different foreign currency bank account will need to be done through a local currency clearing account.

In the example below, the customer paid for a USD invoice into a GBP Bank Account. The base currency is CAD. To complete this action, the USD invoice must be receipted into an intermediary base currency Bank Account (CAD). There must then be a subsequent Bank Transfer / Journal from the intermediary base currency bank account (CAD) into the GBP Bank Account.

Enter the foreign currency amount (USD in this example). Press the tab key to automatically calculate the local currency value (CAD in this example) using the current system exchange rate.

1. Receipt the foreign currency invoice to a local currency clearing account: 
   
   
   
   
2. Record a bank transfer from the local currency clearing account to the appropriate bank account, ensuring that the local amount in the clearing account is the same as the receipted amount (resulting in a 0.00 balance in the clearing account): 

In the above example, the end result would be 750.00 USD being paid and 600.00 GBP in the bank. The Clearing Account would result in a zero balance. 

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