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Vendor Payments in Multi-Currency Proper Setup

  • 1.  Vendor Payments in Multi-Currency Proper Setup

    Posted 5 days ago
    Dear Navug Community,

    We implemented NAV 2017 with the understanding that Bank Accounts can only be setup in ONE currency.  We have setup "shadow" accounts to transact in the other currencies that eventually reconcile to a specific account.  Thus a sweep entry is completed to reconcile the "shadow" multi-currency entries back to our base bank account.

    Now, I have read through other NAVUG posts and there are a few alternate ways to issue payment journal but which are not as automated and require reverse processes which go bank to NAV posting.

    I've also read that if you want to run transactions in multi-currency, you will need ONE vendor and a bank account for each currency you plan to transact in.

    To understand the processes better, am I wrong to understand that the following is the correct out of the box functionality for muilti-currency vendor payments:

    -Bank Accounts are limited to ONE currency
    -Shadow accounts are used to manage the multi currency transactions
    -One Vendor can be created with Bank accounts int he respective currency you plan to transact in.

    So without modifications or reverse processes, these are my valid and only choices for bank account setup and payment journals for NAV 2017 out of the box.

    Please advise.


    Magneco Metrel
    Addison IL
    Academy - Online Interactive Learning from Experts

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