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FC: Fixed non-USD Currency Payments (copied)

Updated Dec 14, 2020

The article outlines steps to set up payment to be paid in an exact non-USD currency amount. Used when a fixed amount in another currency must be paid, such as paying an invoice billed in non-US dollars, or a grant award that was committed in non-US dollars (e.g. pay exactly 89000 British Pounds).

Before starting, be sure to convert the non-USD amount to USD. In the example below, the invoice was for 89,000GBP.

In the example below the user checks Fixed Non-USD so the payment amount comes from the FX Payment Amount field and 89,000 GBP will be paid. A $100,000 (USD) estimate is put in the Committed Payment Amount field for accrual purposes. After payment is made, Netsuite will update the actual amount in USD paid.

Foundation Connect can create payments in the following non-USD currencies:

  • British Pounds (GBP)
  • Euro (EUR)
  • Hungarian Forint (HUF)
  • Canadian Dollar (CAD)
  • South African Rand (ZAR)

Click on the Schedule Payments button.

Click on the Schedule Payments button.

Enter the Program Code in the search bar. Click on the Add Program button.

Enter the Program Code in the search bar. Click on the Add Program button.

Designate the Lead Program, Fund Class, Category of Work and the total amount that should be allocated. Click the Next button after allocations have been made.

Enter the payment amount for accrual purposes. This should be the estimate of the non-USD payment in USD. Complete other payment fields.

Choose the payment currency, mark the Fixed non-USD box, and enter the amount of the payment, fixed in the currency chosen in the dropdown menu.

Click the Next button.

Review payment details and click Save and Finish.

Click the Back to Proposal button.

Click the Back to Proposal button.

Check the saved payment and the fixed currency amount on the proposal record.

Before you submit the payment for approval, enter any clarifying notes in the Comments to Accounting field. Click Save.

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