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Working with Invoices in Different Currencies

For international invoices, there can be multiple currency selections:
  • The invoice currency, which is the native currency in which the invoice was submitted.
  • The company base currency, which was set by your Tracker Coordinator during implementation of the international currency features. Any currency other than the company base currency is considered a foreign currency.
  • The user's preferred currency, which is set by individual users in their Preferences.
For accuracy reasons, when a firm submits an invoice in a foreign currency, Tracker saves the invoice with the original currency of the invoice. However, when viewing the actual invoice, the user sees both the native invoice amount (displayed in orange) and the invoice amount converted to the user's preferred currency (displayed in black).
When an invoice is finally approved and sent to AP, Tracker also saves the currency conversion rate to the company base currency.

Currency conversion rates

During the period when an invoice has been posted but has not yet been approved, Tracker converts any foreign currency invoices using the most recent currency conversion rate applicable to your company.
When invoice is finally approved, the currency conversion rate from the invoice currency to the company base currency is locked down. Then, the exchange rate is updated and locked down one final time when the invoice is sent to AP via the AP Data Exchange. Consequently, if you run a spending report involving an invoice that was approved sometime in the past, the report will accurately reflect the total amount approved for the invoice (as converted to the company base currency) at the time the AP batch was run.
To ensure that companies can reconcile their Tracker spending with the spending shown in their AP systems, a Company System Administrator can edit the final exchange rate of a fully approved invoice or a memo entry invoice. No other types of invoices may have their exchange rates edited.

This article applies to:

  • Product: Legal Tracker
  • Subject: Invoices
  • Audiences: Company