Xoro is now giving a feature to Reconcile in a different currency than what’s on the PO.
This applies to both IR & Bill Reconciliation.
How does it work?
- Added currency dropdown and Exchange rate field in add items and removed from Select Items.
- Vendor and Account dropdown will be populated on the basis of Line level Reconcile currency.
- Also, an Alert function has been provided when the Reconciliation is finished.
Note: There cannot be more than 1 Foreign Currency per Bill/IR. You can reconcile an Item Receipt(home currency) in multiple foreign currencies but you can reconcile a foreign currency IR(let’s say AUD) in home currency and AUD only.
Example –
Home Currency = USD
Vendor = USD
Freight (Service 1) = CAD
Customs (Service 2) = USD/CAD, cannot be in any other currency
Duty (Service 3) = USD/CAD, cannot be in any other currency
We have the feature to add the Reconciled Items to the Vendor Bill and thus the reconciled amount will be included in the accounts payable to the Vendor.
If the “Add to Vendor Bill” option is unchecked, the reconciled amount will not be added to the Vendor Bill and a separate liability will be created.
Now, an App Config setting is added to allow creating Expense Bills in Item Reconciliation when the reconciled amount is not added to the Vendor Bill.
If this App Config is turned ON, the “Create Expense Bill” flag in the “Select Accrual Account & Vendor” section will be automatically checked.
