About Foreign Currency Payments

In Aptify, payments for foreign currency orders can be made either in the same currency as the order or in a different currency. When a payment is applied to an order, the Currency Spot Rates service is checked to see if the spot rate has changed between the date the order was marked as shipped and the date of payment. If the rate has changed, the current currency spot rate is saved with the order and a Scheduled Transactions record indicating the gain or loss on the transaction is created.

Orders with Same Currency Payments

When a payment is received on a foreign currency order and is made in the same currency of the order, the payment record can be created from the Payments tab on the order or from the Payments service. (For payment processing information, see Recording Payments Using the Payments Service.) When the payment is saved, the Mark-To-Market object runs in the background and stores the current currency spot rate with the order. If the currency spot rate differs from the rate that was stored at the time the order was marked as shipped, a Scheduled Transactions record is also created reflecting the gain or loss on the transaction. For an example of this process, see Currency Spot Rate Payment Example.

Orders with Different Currency Payments

From an order perspective, the foreign currency behavior is the same regardless of whether the payment is in the same currency or a different currency than the order. When the currencies are different, the difference at the payment perspective is handled by a Conversion Adjustment entry. See Recording a Payment in a Different Currency than the Order for payment processing information for this scenario. For an example of this process, see Different Currency Payment Spot Rate Example.


Related Topics

Managing Accounting and Financial Systems Integration

Understanding Accounting and Financial Systems Integration

Managing General Ledger Accounts

Determining GL Accounts for Order, Payment, and Scheduled Transactions

Managing Shipping Charges

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