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

This activity will walk you through the process of creating an AP bill in a foreign currency and paying it in another foreign currency. You will also change the amount paid in the payment currency, causing the system to recalculate the cross rate.

Story

Suppose that SweetLife Fruits & Jams buys professional services from Space Computers, Ltd., which operates in a multicurrency environment. SweetLife’s base currency is USD, but it conducts business using foreign currencies—specifically, EUR and GBP.

On April 1, 2026, a bill for EUR 1000 was entered in the system, which was USD 1100 in the base currency. On April 15, 2026, SweetLife made a payment of GBP 840 to fully pay the bill. The exchange rates on the payment date were 1 USD = 1.299 GBP and 1 USD = 1.0799311 EUR. Thus, the default cross rate was 0.83135574.

Acting as a SweetLife accountant, you need to create a bill for EUR 1000, create a payment for GBP 840, and apply the payment to the bill to fully pay it.

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 20000 (Accounts Payable), 83000 (Realized Gain/Loss Currency) accounts have been created.
  • On the Vendors (AP303000) form, the SPACECOMP vendor has been defined.

Process Overview

  • You will create currency rates on the Currency Rates (CM301000) form.
  • On the Vendors (AP303000) form, you will update the vendor's settings.
  • On the Bills and Adjustments (AP301000) form, you will create an AP bill in EUR.
  • On the Checks and Payments (AP302000) form, you will create a payment in GBP and apply the bill to it in full to close the bill.

System Preparation

Before you begin performing the steps of this activity, do the following:

  1. Launch the MYOB Acumatica website with the U100 dataset preloaded, and sign in as accountant Anna Johnson by using the johnson username and the 123 password.
  2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 4/1/2026. If a different date is displayed, click the Business Date menu button, and select 4/1/2026 from the calendar.
  3. On the Company and Branch Selection menu on the top pane of the MYOB Acumatica screen, make sure that the SweetLife Head Office and Wholesale Center branch is selected. If it is not selected, click the Company and Branch Selection menu button to view the list of branches that you have access to, and then click SweetLife Head Office and Wholesale Center.
  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: 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 4/1/2026.
  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: 4/1/2026
    • Currency Rate: 1.299
    • Mult./Div.: Multiply

    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 * 1.299 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: 4/1/2026
    • Currency Rate: 1.07993110
    • Mult./Div.: Multiply
  7. On the form toolbar, click Save.

Step 2: Updating the Vendor's Settings

To update the vendor's settings, do the following:

  1. On the Vendors (AP303000) form, open the SPACECOMP vendor.
  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 Payment tab, specify the following settings:
    • Payment Method: WIRE
    • Cash Account: 10610 - Checking Account GBP
  4. On the form toolbar, click Save.

Step 3: Creating an AP Bill in EUR

To create an AP bill in EUR and release it, do the following:

  1. Open the Bills and Adjustments (AP301000) form.
  2. Click Add New Record on the form toolbar, and specify or verify the following settings in the Summary area:
    • Type: Bill
    • Vendor: SPACECOMP
    • Currency: EUR (inserted automatically)
    • Date: 4/1/2026 (inserted automatically)
    • Post Period: 04-2026 (inserted automatically)
    • Description: Installation services
  3. On the Details tab, click Add Row and specify the following settings:
    • Transaction Descr.: Installation services
    • Ext. Cost: 1000
  4. On the form toolbar, click Save.
  5. In the Summary area, click Exchange Rate (right of the Currency box) to open the Rate Selection dialog box.
  6. In the dialog box, specify 1.1 as the exchange rate of 1 USD to EUR. Click OK to close the dialog box.
  7. In the Summary area, click View Base (right of the Currency box) and review the bill in the base currency (USD).

    The Detail Total in USD is $1100.00, calculated as follows:

    • The current EUR exchange rate, 1.1, is used.
    • The system calculates €1000 * 1.1 and rounds the total.
  8. Click Remove Hold and then click Release.

Step 4: Creating a Payment in GBP

To create a payment in GBP and apply it to the bill in EUR, do the following:

  1. On the Checks and Payments (AP302000) form, create a new record.
  2. On the form toolbar, click Add New Record, and in the Summary area, specify or verify the following settings:
    • Type: Payment
    • Vendor: SPACECOMP
    • Payment Method: WIRE (inserted automatically when you selected the vendor)
    • Cash Account: 10610 (Checking Account GBP)
    • Currency: GBP (inserted automatically based on the selected cash account)
    • Application Date: 4/15/2026
    • Application Period: 04-2026
    • Description: Installation services
    • Payment Amount: 840
  3. On the form toolbar, click Save.
  4. On the Documents to Apply tab, click Add Row and specify the following settings:
    • Document Type: Bill
    • Reference Nbr.: The reference number of the EUR 1000 bill that you created in Step 3
    • Amount Paid (GBP): 840

    Notice that the Unapplied Balance in the Summary area is now 0. The Cross Rate column on the Documents to Apply tab shows the value automatically recalculated by the system based on the payment amount of GBP 840.

  5. On the form toolbar, click Remove Hold and then click Release to release the payment and its application to the bill.

    Both the bill and the payment now have the Closed status because the payment has paid the bill in full.