Configuring for Foreign Currency Transactions

For organizations dealing with international business transactions, such as selling products and receiving payments in foreign currencies or operating in multiple regions with different currencies, the process of handling those currencies and the varying exchange rates can become a complex process. Aptify handles these complexities by providing the ability to associate each organization with a functional currency, sell products in multiple currencies, and receive payment in foreign currencies. In addition, a means to accurately portray the accounting entries that accompany these types of transactions is provided.

This topic describes how to configure Aptify to support multiple currencies and how to work with foreign currency transactions. See Understanding Foreign Currency Concepts for information on the accounting used by Aptify to record foreign currency transactions.

This topic contains the following sub-topics:

• Defining Currency Types
• Setting Up A Foreign Currency for a Product
• Determining the Currency Type for an Order
• Using Currency Spot Rates
• About Foreign Currency Payments
• About the Batching Process with Foreign Currencies