PCLaw is not a multi currency accounting program. However, it is possible to account and track multi currency transactions. I plan to discuss here in a series of blog posts about multi currency.
I begin with Billing. The hardest part of all foreign currency transactions is in billing. How do you bill clients in foreign currency and track the A/R balances?
There is a way to reverse engineer the bill templates such that you can have all charges - Fees and Expenses appear in desired currency. This is a trial and error method and unless you are a freak you should engage aCIC to design bill templates to bill clients in foreign currency. This involves creating a custom tab for putting in the currency and rate and then creating formula tokens on the templates. The problem with this is that the custom tab token information is not available in all sections of the template. To get round this few users are able to find and replace the desired token from another section to the section that lacks that token. It involves intricate steps that involve opening a template on notepad and playing around...As I say you got to be freakish to be able to do this, otherwise better to hire an expert to do it.
Once the template is designed you simply insert the custom tab and indicate the exchange rate. Then bill the matter with the charges in local currency using the correct bill template. The bill will appear in foreign currency ready to be sent out.
Note that the accounting is still in system currency. You would have to make use of the Collection Memos to indicate that the A/R is in foreign currency.
I begin with Billing. The hardest part of all foreign currency transactions is in billing. How do you bill clients in foreign currency and track the A/R balances?
There is a way to reverse engineer the bill templates such that you can have all charges - Fees and Expenses appear in desired currency. This is a trial and error method and unless you are a freak you should engage aCIC to design bill templates to bill clients in foreign currency. This involves creating a custom tab for putting in the currency and rate and then creating formula tokens on the templates. The problem with this is that the custom tab token information is not available in all sections of the template. To get round this few users are able to find and replace the desired token from another section to the section that lacks that token. It involves intricate steps that involve opening a template on notepad and playing around...As I say you got to be freakish to be able to do this, otherwise better to hire an expert to do it.
Once the template is designed you simply insert the custom tab and indicate the exchange rate. Then bill the matter with the charges in local currency using the correct bill template. The bill will appear in foreign currency ready to be sent out.
Note that the accounting is still in system currency. You would have to make use of the Collection Memos to indicate that the A/R is in foreign currency.
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