Audience: Accounting Manager or Invoice Approver (with permission to code invoices)
Summary: Reviews how multi-currency invoice processing works within MineralTree.
Supported ERPs: QuickBooks Online, Xero, NetSuite
This article covers:
- Introduction to Multi-Currency Invoice Processing in MineralTree
- Setting up Multi-Currency
- How Multi-Currency Invoice Processing works
- The MineralTree Dashboard
MineralTree supports multi-currency invoice processing. This feature enables users to process all English language invoices in MineralTree regardless of currency. Invoices go through the invoice approval workflow obtaining current exchange rates based on the organization's base currency (i.e. the currency used for financial record keeping). It is important to note that this is only for invoice processing and not for payments. Currently, MineralTree offers invoice processing and approval for multi-currency, but these types of invoices must be paid outside of the MineralTree system.
Setting up Multi-Currency
It's important to set up multi-currency correctly. There are several currency "types" that exist in relation to MineralTree and your ERP.
The base currency is the currency that is used to manage your company's financials. There can only be one and it is set by MineralTree when setting up your company during the implementation process and should match what you have in your ERP. If this is set up incorrectly during the implementation process.
The company currencies are set in your ERP and should be all of the currencies that your organization will ever use to create and process bills and invoices. These currencies do not sync over to MineralTree, but they do allow you to then create specific Vendor Currencies in your ERP that will sync over to MineralTree for invoice creation and management.
The vendor currencies are the currencies in which you allow invoices to be created. These are set in your ERP for the individual vendors and will be available when creating an invoice for that particular vendor in MineralTree. NetSuite allows for multiple currencies per vendor and can then choose a default (see below). Other ERPs only allow for one vendor currency per vendor.
Default Vendor Currency (NetSuite Only)
The default vendor currency is available for NetSuite and it's the currency that invoices automatically default to.
How It Works
The workflow in MineralTree for Multi-Currency Invoice Processing is a little different than the typical Invoice to Pay workflow. Multi-Currency invoices can be created, approved, and posted from MineralTree, but at this time cannot be paid in MineralTree. Multi-Currency invoices for the time being should be paid outside of MineralTree and marked as paid in your ERP. The paid status will then sync over to MineralTree to close out that bill.
Create an Invoice
You create an invoice in MineralTree the way you normally would through Invoice Capture or manually creating an invoice from the Inbox. When you create an invoice and choose a vendor, you'll be able to edit the currency on the invoice.
The currency will default to the Default Vendor Currency (for NetSuite) or the Base Currency if you do not have a Vendor Currency assigned to the vendor in your ERP. When you edit the currency, you will have the option to choose from the available vendor currencies set in your ERP (NetSuite Only).
Approve an Invoice
Send the invoice to the invoice approver like you normally would. There are no changes that impact this part of the workflow.
Post an Invoice
Posting the invoice in MineralTree is your final step that you will take for a multi-currency invoice. Once the invoice is posted to the ERP, the exchange rate for that invoice is set by your ERP. The currency cannot be changed at this point in MineralTree.
Payment Authorization and Payment
Payment Authorization and payment processing for multi-currency invoices cannot be completed in MineralTree at this time. As such, you should complete these steps and mark the invoice as Paid in your ERP. The paid status will sync over to MineralTree and close out the invoice in both systems.
The MineralTree Dashboard
The MineralTree dashboard will always show total values in the company's Base Currency. If totals from invoices are not from the base currency, we will convert that to the base for a true value using our exchange rate provider, Fixer (fixer.io). Whenever a value is converted, an "i" icon will appear to inform you of that.