415
Hi, I have my base currency set for € and have exchange rates set up(GBP for example), I know when entering a sales invoice if I enter the amount in euro and it's a GB, NAV will convert the euro amount, but can I enter the amount in GBP and also then have NAV convert this to Euro?
Marley,
When entering a Cash Receipts Journal, for the Customer who uses GBP and pays in GBP, you enter the Cash Receipts Amount in GBP and when posting it will convert to EURO. The exchange rate for the Posting Date of the Cash Receipt record is used to establish the Relational Currency Exchange Rate.
Here is my screen for EUR, per my example in my reply:
If you want to chat about this feel free to send me an email and we can talk over Teams.
steven.chinsky@wipfli.com
Thanks,
Steve
Hi Marley,
Please understand in this way. Every transaction of G/L Entry in NAV gets posted in LCY means local currency (which gets defines in General Leader Setup) and respective ledger entry table i.e. Cust. Ledger Entry or Vendor Ledger Entry gets post in currency code which is placed in transactions.
Of course exch. rate has its own impact, which is different.
Please find below an example
1. Local currency and customer currency.
2. Creating a cash receipt journal.
3. G/L Entry and Customer Ledger Entry with amount
You need to find how much 1 gbp is equal to your base currency i.e. euro. and put that in relational exch rate amount
Also, if my base in Euro, should my exchange rate setup be currency GBP exchange rate amount 1, relational Exch. Rate Amount .85882, or should it be 1 and 1.17
If I try to enter directly in the amount LCY field, this errors, I can only enter in the amount field and then this converts and populates the amount LCY
Think i am confused, euro is my base currency, customer trades in gbp, when i enter a payment and I enter £100, this then converts this into LCY so only £85, thinking the £100 I entered is Euro, can I not enter this in GBP and it converts up so eg €115
Try to use GBP as "Currency Code" in line and then check.
Marley,
During posting, NAV will take the Customer/Vendor Currency and convert to the LCY (Local Currency). In your case, the Customer is GBP and your Local is EURO. I will so you this example in my Sandbox my Customer uses EUR and my LCY is USD. Here is the flow:
1. Sales Invoice shows EUR. In my image I entered an Item as EUR 100.00. On the Statistics page you can see Sales ($).
When I post, you will see both the EUR and USD on the Customer Ledger Entries table.
Hope this flow helps you see how NAV processes and posts.
Thanks,
Steve
It depends in which field you are putting the amount. You should try to do some transactions. You can use General Journal for practice. Select some foreign customer and then try to put values in Amount field and see what is shown in Amount LCY and vice virsa.
OK, but when I enter an amount in GBP, because my base currency is Euro, this is the converting the amount I have entered again????
For example I enter amount of £150, which NAV is then thinking is Euro, and converting this to £130(which is wrong)
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,269
Super User 2024 Season 2
#2
Martin Dráb
230,198
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (