Using Foreign Exchange in JSI Payables

Using Foreign Exchange in JSI Payables

Introduction

If Non-Canadian Vendors are entered in JSI, a default foreign exchange rate can be set up to automatically convert the Invoice and Payment values if not entering using absolute dollar. The following document explains how to set this up. Note: If a vendor is paid in both Canadian and a foreign currency, a separate vendor code must be created for the transactions in foreign currency. 

Step 1: Enter the exchange rates

In JSI go to:
  • Utilities
  • Department File Maintenance


Enter a two-code currency and hit enter on your keyboard.


A screen will populate where you can enter the department name and select "Foreign Exchange".

Once this is selected, click "Add".



A screen will then appear where you can enter the conversion rate.
Input Foreign Currency:
'N': The values in the vendor file remain in the vendors' currency and the posting to the GL expense account is converted using the rate of exchange selected at the time of posting. 
'Y':  The values in the vendors' file are converted using the rate of exchange selected at the time of posting and all the GL values are converted.  
Click on "Add".



Step 2: Modify the Master Link Codes and Link Groups

In JSI go to:

  • Ledger
  • Linking Codes


Click on the browse screen to select the first link master link code.
Leave the 'Group' field blank to modify the master links.  This field will be used later when updating each of the existing link groups. 
Note: All 8 master links codes will need to be updated with the appropriate GL account number(s).



For foreign Non-US Vendors, click on the "Payables Accounts 1" tab.

Depending on which master link selected, the 'Exchange' fields will differ.   

Enter the appropriate GL account in all of the exchange fields and click on "Update".

For USD Vendors, select "Payables Accounts 2" to enter the appropriate GL account number(s).




Repeat the process for the remaining 7 master codes.
Important Note:   Any link existing groups will also need to be updated. 
Follow the instructions above for each of the 8 masters AND select a 'Group' from the browser.
Update the screens(s) for each group with the appropriate GL account number(s).



Step 3: Modify the Vendor File

In JSI go to:

  • Payables
  • Vendor File
  • Add/Modify


Enter the vendor to be updated.
Click on 'Modify'.
Enter in the 'Currency' field the two character code created for this currency or select it from the browser.
Click on 'Update'. 
Note: The currency field for Vendors being paid in Canadian must remain blank



Sample

When entering invoices, the exchange rate entered will populate.

In JSI go to:

  • Payables
  • Enter Invoices
  • Add/Modify


Enter the Vendor & Invoice number.



The Foreign Exchange rate will automatically populate.

Note: Although this is the default rate, the user can click on this field and change it if necessary.



Reports available for Foreign Exchange Conversions

In addition to the regular reports, the following reports can be used.
  1. Detailed Aging Report
  2. Check Register Report
  3. Purchase Journal

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