Foreign Currency
Lightyear can receive documents from foreign countries and therefore extract in multiple currencies. No more forgetting to set the right currencies (especially if a supplier bills in multi-currencies) or paying in the wrong ones. Lightyear will take care of all that for you! See below, we have an example of:
- An United Kingdom account (Lightyear Test (UK-2019-04))
- Receiving a bill from a United Kingdom Supplier (Hawthorn Leisure Ltd)
- Being charged in USD (Total USD $8,232)
The detail extracted can be seen in Panel 2 under Amount which will then be exported into your accounting software. Your accounting software will be able to handle the conversion rates for payment.
You can also set up a home currency for the supplier, which Lightyear will default to, regardless of the extracted Currency from the document.
On best practices for set up, check out this article on Foreign Currency Documents for more details.
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