Multicurrency Payment of Invoices: To Change the Payment Amount Instead of the Cross Rate

This activity will walk you through the process of configuring a foreign currency and using it to pay an invoice in another foreign currency. You will also change the reciprocal rate and the amount paid in the created payment.

Story

Suppose that SweetLife Fruits & Jams provides professional training services to its customer, Unifruit LLC, which operates in a multicurrency environment. SweetLife’s base currency is USD, but it conducts business using foreign currencies—specifically, EUR and GBP—to meet customer and banking requirements.

On March 1, 2026, SweetLife issued an AR invoice for EUR 1000 to Unifruit for training services, using an agreed-on exchange rate (1 USD = 1.1 EUR).

On March 10, 2026, Unifruit settled the invoice by making a payment in GBP via wire transfer. SweetLife applied the payment from its GBP cash account and used a defined cross rate to convert the GBP payment into EUR. The system initially calculated a default GBP amount (GBP 504.35) based on existing rates, which wouldn’t fully settle the EUR invoice. The final payment amount (GBP 869.57) fully settled the EUR invoice. (To reflect the actual exchange rate agreed on at payment time, SweetLife manually updated the reciprocal rate so that 1 GBP = 1.43111816 EUR. This tells the system how GBP should be converted into EUR for this specific payment.)

Acting as a SweetLife accountant, you need to set up the system for processing payments in GBP, create an invoice in EUR, and pay it in GBP.

Configuration Overview

In the U100 dataset, the following tasks have been performed to support this activity:

  • On the Enable/Disable Features (CS100000) form, the following features have been enabled:
    • Standard Financials, which provides the standard financial functionality
    • Multibranch Support, which supports multiple branches in your instance of MYOB Acumatica
    • Multicompany Support, which supports multiple companies within one tenant
    • Multicurrency Accounting, which enables multicurrency operations in the system
  • On the Companies (CS101500) form, the SWEETLIFE company has been defined.
  • On the Branches (CS102000) form, the HEADOFFICE branch of the SWEETLIFE company has been created.
  • On the Chart of Accounts (GL202500) form, the 11000 (Accounts Receivable) and 83000 (Realized Gain/Loss Currency) accounts have been created.
  • On the Customers (AR303000) form, the UNIFRUIT customer has been defined.
  • On the Payment Methods (CA204000) form, the WIRE payment method for wire transfers has been created.

Process Overview

  1. On the Currencies (CM202000) form, you will update the settings of the GBP currency.
  2. On the Chart of Accounts (GL202500) and Cash Accounts (CA202000) forms, you will set up cash accounts in GBP and EUR.
  3. On the Currency Rates (CM301000) form, you will create exchange rates for these currencies.
  4. On the Customers (AR303000) form, you will update the settings of the UNIFRUIT customer.
  5. On the Invoices and Memos (AR301000) form, you will create and release an AR invoice in EUR.
  6. On the Payments and Applications (AR302000) form, you will pay this invoice in full in GBP.

System Preparation

Before you begin processing an invoice and its payment, do the following:

  1. Launch the MYOB Acumatica website with the U100 dataset preloaded, and sign in as Anna Johnson by using the johnson username and the 123 password.
  2. In the info area at the upper-right corner of the top pane of the MYOB Acumatica screen, set the business date to 3/1/2026. For simplicity, you'll create and process all documents in this activity using this business date.
  3. On the Company and Branch Selection menu on the top pane of the MYOB Acumatica screen, select the SweetLife Head Office and Wholesale Center branch.
  4. Make sure that the multicurrency accounting functionality has been configured as described in Steps 1 through 2 in Multicurrency Payment of Invoices: To Change the Payment Amount Instead of the Cross Rate.

Step 1: Updating GBP’s Settings

To set up GBP as a foreign currency, do the following:

  1. Open the Currencies (CM202000) form.
  2. In the Currency ID box, select GBP.
  3. In the Summary area, specify the following settings:
    • Active: Selected
    • Use for Accounting: Selected
  4. On the GL Accounts tab, specify the following settings:
    • Realized Gain Account: 83000
    • Realized Loss Account: 83000
    • Unrealized Gain Account: 84000
    • Unrealized Loss Account: 84000
    • Revaluation Gain Account: 83200
    • Revaluation Loss Account: 83200
    • Rounding Gain Account: 83100
    • Rounding Loss Account: 83100
  5. On the form toolbar, click Save.

Step 2: Setting Up Accounts in GBP and EUR

To create accounts denominated in GBP and EUR, do the following:

  1. On the Chart of Accounts (GL202500) form, click Add Row.
  2. Specify the following settings in the added row:
    • Account: 10610
    • Account Class: CASHASSET
    • Description: Checking Account GBP
    • Currency: GBP
    • Revaluation Rate Type: SPOT
  3. On the form toolbar, click Save.
  4. Click Add Row again and specify the following settings in the added row:
    • Account: 10620
    • Account Class: CASHASSET
    • Description: Checking Account EUR
    • Currency: EUR
    • Revaluation Rate Type: SPOT
  5. On the Cash Accounts (CA202000) form, add a new record.
  6. In the Summary area, specify or verify the following settings:
    • Cash Account: 10610
    • Account: 10610
    • Currency: GBP (inserted automatically)
    • Curr. Rate Type: SPOT
  7. On the Payment Methods tab, click Add Row and specify the following settings in the added row:
    • Payment Method: WIRE
    • Use in AP: Selected
    • Use in AR: Selected
  8. Click Save.
  9. On the form toolbar, click Add New Record again.
  10. Specify or verify the following settings in the added record:
    • Cash Account: 10620
    • Account: 10620
    • Currency: EUR (inserted automatically)
    • Curr. Rate Type: SPOT
  11. On the Payment Methods tab, click Add Row and specify the following settings in the added row:
    • Payment Method: WIRE
    • Use in AP: Selected
    • Use in AR: Selected
  12. Click Save.

Step 3: Creating Currency Rates

To define the currency rates between the base currency (USD), GBP, and EUR do the following:

  1. Open the Currency Rates (CM301000) form.
  2. In the To Currency box, select USD.
  3. In the Effective Date box, enter 3/1/2026.
  4. On the Currency Rate Entry tab, click Add Row on the table toolbar, and specify the following settings in the added row:
    • From Currency: GBP
    • Currency Rate Type: SPOT
    • Currency Effective Date: 3/1/2026
    • Currency Rate: 0.58
    • Mult./Div.: Divide

    The From Currency box indicates which currency the conversion should be performed from by using the Currency Rate and the operation selected in the Mult./Div. box. That is, the conversion rule from GBP to USD is 1 GBP = 1 / 0.58 USD.

  5. On the form toolbar, click Save.
  6. On the Currency Rate Entry tab, click Add Row again and specify the following settings in the added row:
    • From Currency: EUR
    • Currency Rate Type: SPOT
    • Currency Effective Date: 3/1/2026
    • Currency Rate: 1.15
    • Mult./Div.: Divide
  7. On the form toolbar, click Save.

Step 4: Updating the Customer's Settings

To update the settings of the UNIFRUIT customer, do the following:

  1. On the Customers (AR303000) form, open the UNIFRUIT customer.
  2. On the Financial tab, specify the following settings:
    • Currency ID: EUR
    • Enable Currency Override: Selected
    • Curr. Rate Type: SPOT
    • Enable Rate Override: Selected
  3. On the form toolbar, click Save.

Step 5: Creating an AR Invoice in EUR

To create an AR invoice in EUR and release it, do the following:

  1. On the Invoices and Memos (AR301000) form, create a new record.
  2. In the Summary area, specify or verify the following settings:
    • Type: Invoice
    • Customer: UNIFUIT
    • Currency: EUR (inserted automatically)
    • Date: 3/1/2026
    • Post Period: 03-2026
    • Description: Training
  3. On the Details tab, click Add Row and specify the following settings in the added row:
    • Transaction Descr.: Training
    • Ext. Price: 1000
  4. In the Summary area, click Exchange Rate (right of the Currency box) to open the Rate Selection dialog box.
  5. In the dialog box, specify 1.1 as the exchange rate of 1 USD to EUR.
  6. Click OK to close the dialog box.
  7. On the form toolbar, click Save.
  8. On the form toolbar, click Remove Hold and then click Release to release the invoice.

Step 6: Paying the AR Invoice in GBP

To pay the AR invoice in GBP, do the following:

  1. While you’re still viewing the invoice on the Invoices and Memos (AR301000) form, click Pay on the form toolbar.

    The Payments and Applications (AR302000) form opens.

  2. In the Summary area for the opened payment, specify or verify the following settings:
    • Payment Method: WIRE
    • Cash Account: 10610 (Checking account GBP)
    • Currency: GBP (inserted automatically based on the selected cash account)
    • Application Date: 3/10/2026
  3. On the Documents to Apply tab, review the value in the Amount Paid (GBP) column.

    This column displays the amount to be paid in the currency specified in the Currency box of the Summary area (GBP 504.35).

  4. Click the link in the Cross Rate column to open the Cross Rate Selection dialog box.
  5. In the second line of the dialog box, set the reciprocal rate to 1.43111816 (1.000 GBP = 1.43111816 EUR).
  6. Click OK to close the dialog box.
  7. Notice that the value in the Cross Rate column has changed to 0.69875432.
  8. In the Amount Paid (GBP) column, change the value to 869.57.

    The Available Balance in the Summary area is now 0.00. When the payment is released, it will fully pay the invoice.

  9. On the form toolbar, click Remove Hold and then click Release to release the payment.