Accept Customer Payment for Invoice in Different Currency
Published on
December 26, 2023 at 8:30:09 AM PST December 26, 2023 at 8:30:09 AM PSTth, December 26, 2023 at 8:30:09 AM PST
Scenario
With theMulti-Currency Customersfeature, users can set a base currency and additional currencies available for transactions with a customer.
User would like to apply Customer Payment to an Invoice in different currency. However user cannot see Invoice underTransactions>Customers>Accept Customer Paymentsunless Payment and Invoice are in the same currency.
Example:
User would like to apply Customer Payment to an Invoice in different currency. However user cannot see Invoice underTransactions>Customers>Accept Customer Paymentsunless Payment and Invoice are in the same currency.
Example:
- Customer's Primary Currency:Euro
- Invoice record Currency: Euro
- Desired Payment record Currency: USD
Solution
It is currently not possible to directlyaccept Payment in different currency from the Invoice (as well Bill) currency. This is because NetSuite is not capable of double conversion of Currency. We only have a single Exchange Rate field on a single transaction.
This feature is requested underEnhancement112956.
The alternate solutionis applicable when a Customer Payment (in USD) and an Invoice (in Euro) were already created and it consists of 4 steps.
Step 1: Create Customer Payment for Invoice inEuro. This is the original unapplied Payment based on the Invoice currency.
- Go toTransactions>Sales>Create Invoices>List
- Invoice (in Euro):ClickView
- ClickAccept Payment
- A/RAccount:Select Account Receivable account
- Account:SelectUndepositedFunds
- Currency:SelectEuro
- ClickApplytab
- ClickInvoicessubtab
- Apply:EnterCheckmarkfor the Invoice(in Euro)
- ClickSave
Step 2: Deposit Payment from Step 1. This is the Payment received from the Customer in USD.
- Go toTransactions>Bank>Make Deposits
- Account:SelectUSD bank account
- Currency:SelectUSD
- ClickDepositstab
- ClickPaymentssubtab
- EnterCheckmarkfor the Payment created
- Amount (USD):EnterUSD value of the Payment
- ClickSave
Step 3: Enter a Journal Entry in USD to reverse the impact of the Customer Payment from Step 1.
- GotoTransactions>Financial>Make Journal Entries
- Subsidiary:SelectSubsidiary of the Customer
- Currency:SelectUSD
- ClickLinestab
- Account:SelectAccounts Receivableaccount used on the Customer Payment
- Debit:EnterAmount
- Name:SelectCustomer's Name
- ClickAdd
- Account:SelectUSD bank accountofthe Customer Deposit from step 2
- Credit:Enter same USDAmount
- Name:SelectCustomer's Name
- ClickAdd
- Account:SelectAccounts Receivableaccount used on the Customer Payment
- ClickSave
Step 4:Apply the Journal Entry against the Customer Payment created in Step 1.
- Go toTransactions>Customers>Accept Customer Payments
- Customer:SelectCustomer
- A/RAccount:Select Account Receivable account (the same as onunapplied Customer Payment(in USD) and Journal from step 3)
- Account:SelectUndepositedFunds
- Currency:SelectUSD
- ClickApplytab
- ClickInvoicessubtab
- Apply:EnterCheckmarkforthe Journal Entry created in Step3
- ClickCreditssubtab
- Apply:EnterCheckmarkforthe unapplied Customer Payment(in USD)
- ClickSave
