Hi,
when making a payment, receipt, invoices, only one currency shall be selected. but in most of the business 2 or more currencies is used at the same time. in one single payment can’t be done, we shall make 2 payments, invoices, etc for the transaction. i hope manager team solve this issue this if very important to avoid confusion and switching between more payments or invoices for the same transaction.
I don’t think is is true - most businesses use one currency
i agree at one transaction only one currency is used thats logic, but in manager there is one point need to be considered. as a manager user i can hold more than one account with different currencies, also the suppliers or clients can have more than one currency, for example some suppliers may invoice me with base currency and for some specific orders they invoice me with USD, in manager the option available while creating supplier is to select only one currency which make the treatment of the invoices / payments of the same supplier are complicated
If you have a supplier who invoices in different currencies, then you need to create a separate supplier account for each currency so eg SupplierUSD, SupplierEUR, SupplierUKP, etc
Why i should have 2 SOAs for the same supplier ?, anyway thats a partial solution for processing the entries, but since manager already transfer the foreign currency to the base currency for all transactions, and to keep holding the record of the supplier as one account and one SOA, it will be better to have the option to use more than one currency for the supplier.
It is not proper accounting practice to assign two or more currencies to a single supplier. A supplier should have one designated transaction currency.
You can, however, settle a supplier’s invoices using multiple currencies. To do this, create separate cash or bank accounts for each currency and record separate payments from the relevant accounts against the invoice.
For settlements made in a currency other than your base currency, use the currency translation feature. For invoices issued in a foreign currency but paid using your base currency, use the exchange rate option to correctly account for the currency conversion.
Actually, there is nothing in accounting or standards says that supplier cant issue the invoices with single currency and nothing says that isn’t proper accounting practice. FYI, most of the global ERP systems are implementing now “multi-currency supplier’s account,” and the system automatically transfers the currency for each invoice depending on the rate setup and transfer it to the base currency
by the way invoicing with multiple currencies from suppliers becomes normal, especially if the supplier has global branches or some if the products are being imported as per the request by clients, so basically using "multi-currency supplier’s account" is considered the best practice as its saves
1- Data Quality (Supplier’s Master data integrity )
2- Comprehensive and Full Vendor View
3- Reduce Potential Duplicate Entries (Especially Invoices), or allocating payments to wrong supplier account
4- Important (Ease of Reconciliation, Balance Confirmations)
5- for Manager - Compatibility with Global ERP Systems
6- Scalability of Data Change, Ex. Change of (Supplier Address, Bank Account, Tax Registration, Contact Info., Credit Limits, Supplier’s Reports " SOA, Aging" )
I think your reply mixes up supplier master data and accounting treatment.
No one, including @Abeiku, is saying that a supplier cannot issue invoices in different currencies. The point is whether Manager should assign multiple transaction currencies to one supplier account.
Large ERP systems may support multi-currency supplier accounts, but they do so with a much heavier control structure around document currency, base currency, exchange rates, settlement currency, revaluation, and exchange gains or losses. Manager deliberately keeps the supplier ledger simpler and more transparent by using one currency per supplier account.
That is not a weakness. It is a sound accounting design choice for this type of application. It keeps the payable balance, ageing, reconciliation, and exchange differences clear and auditable.
Your points about data quality and having one complete vendor view are valid, but they are master-data arguments. They do not by themselves prove that a multi-currency supplier account is the better accounting treatment in Manager.
In Manager’s context, separate supplier accounts per currency are cleaner, safer, and more consistent with how the system is designed to protect the integrity of the accounts.
you may have not experienced that, but in our region we always use 2 different currencies and some business are more even. This is very usual
we always use 2 currencies , that is very usual for example; if the payment amount is 725 usd, then usually 700 usd paid in dollar and the rest in local currency.
That is correct.