How to handle foreign currency documents
If your business purchases goods and services from overseas suppliers or local suppliers that charge in your non standard currency, there are a couple of ways you can handle these in Lightyear.
For ease of use, we would recommend the first option however the second is also viable if it better suits your needs.
Method 1
Lightyear will extract and present the currency as it appears on the invoice. Depending on your accounting software, you can then send these document into the relevant overseas supplier.
You cannot create overseas suppliers from within Lightyear. You will need to create the overseas supplier in the accounting software first and sync it back to Lightyear.
After exporting the invoice to your accounting software of choice, you will then have the ability to match it to the bank transaction which will assign the exchange rate. This process will differ depending on the accounting software you are using.
Method 2
Before exporting the bill from Lightyear, you can manually edit the currency of the bill to your home currency and edit the total to reflect the correct total that was taken from your bank account. Doing this will mean that the Lightyear total will no longer match the bill total, but if you are confident in your calculation you can safely ignore the warnings and export the bill.
The steps for this method are as follows:
- View the bill in the Approvals or Review tab.
- Change the currency in the unit column and line amounts to reflect the exchange rate.
- Click save. This will complete the update.
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