AR Invoices in Foreign Currencies: Implementation Checklist
The following sections provide details you can use to ensure that the system is configured properly for processing AR invoices in a foreign currency, and to understand (and change, if needed) the settings that affect the processing workflow.
Implementation Checklist
We recommend that before you initially process AR invoices in a foreign currency, you make sure the needed features have been enabled, settings have been specified, and entities have been created, as summarized in the following checklist.
| Form | Criteria to Check |
|---|---|
| Enable/Disable Features (CS100000) | Make sure that the Standard Financials and Multicurrency Accounting features have been enabled. For details on configuring the multicurrency functionality, see Multicurrency Functionality: Implementation Activity. |
| Customers (AR303000) | Make sure that the customer accounts for the customers for which you will create AR documents have been defined. |
| Currency Rates (CM301000) | Make sure that the effective currency rate for the currency of the AR document has been defined. For details, see Configuration of Rate Types and Rates: To Configure Rates and Configuration of Rate Types and Rates: To Set Up Refreshing of Rates. |
Other Settings That Affect the Workflow
You can affect the workflow of processing AR invoices in a foreign currency by specifying additional settings as follows:
- On the Posting Settings tab of the General Ledger Preferences (GL102000) form:
- To cause GL batches to be immediately posted after they are released, select the Automatically Post on Release check box.
- To cause every AR transaction you enter to be posted as an individual batch to the general ledger, clear the Generate Consolidated Batches check box. If this check box is selected, the system consolidates into a single batch all transactions in the same currency posted to the same period for all documents being released.
- On the General Settings tab of the Accounts Receivable Preferences (AR101000) form:
- To cause all created AR invoices to have the Balanced status, clear the Hold Documents on Entry check box in the Data Entry Settings section. If this check box is selected, the created AR invoices are assigned the On Hold status.
- To make entering a payment reference number in the Payment Ref. box mandatory when creating a payment on the Payments and Applications (AR302000) form, select the Require Payment Reference on Entry check box in the Data Entry Settings section. If this check box is cleared, you can leave the Payment Ref. box empty when creating a payment.
- To cause AR invoices to be automatically posted to the general ledger once they are released, select the Automatically Post on Release check box in the Posting Settings section. If this check box is cleared, you have to post the batch after you release the document.
Validation of Configuration
To make sure that all configuration has been performed correctly, we recommend that in your system, you process AR invoices in a foreign currency by performing instructions similar to those described in AR Invoices in Foreign Currencies: Process Activity.