HUCO-12
Project Goals
Provision to accept payment other than invoice currency. E.g. Customer Invoice created is in USD but payment to be booked in AED.
Our Solution
This is still a limitation in NetSuite but there is already an enhancement filed under Enhancement 112956: Accept customer payment> Add ability to accept payment in different currency from the invoice/ bill currency and account for exchange rate gain or loss
Alternate solution is given below
Solution Example:
Customer’s Primary Currency: Euro
Invoice Currency: Euro
Payment Currency: USD
Step 1: Create Customer Payment for Invoice in EUR
View Invoice
Click Accept Payment
Account: Select Undep. Funds
Click Apply tab
Click Invoices subtab
Enter Checkmark for the Invoice
Click Save
Step 2: Deposit Payment from Step 1
Go to Transactions > Bank > Make Deposit
Account: Select the USD bank account
Currency: Select USD
Click Deposits tab
Click Payments subtab
Enter Check Mark for the Payment created
Amount (USD): Enter the USD value of the Payment
Click Save
Step 3: Enter a Journal Entry to reverse the impact of the unapplied Customer Payment
Go to Transactions > Financial > Make Journal Entries
Currency: Select USD
Click Lines tab
Account: Select A/R Account
Debit: Enter Amount in USD
Name: Select Customer Name
Account: Select USD Bank Account
Credit: Enter Amount in USD
Name: Select Customer Name
Click Save
Step 4: Apply the Journal Entry against the USD Customer Payment
Go to Transactions > Customers > Accept Customer Payments
Customer: Select the Customer Name
Currency: Select USD
Click Apply tab
Click Invoices subtab
Enter Checkmark for the Journal created
Click Credits subtab
Enter Check Mark for the USD Customer Payment
Click Save