When you create a new supplier record, you can choose to allow this supplier to trade in any of the currencies that you have set up in your database.
You have to specify when creating a new supplier record what the default currency will be that they will be trading in.
The currency that you set up the supplier record with will be the default currency offered on any purchase transactions, but you will have the option to change the default currency to any currencies that are available in your database.
In Access Financials, the VAT Type on the Settings tab of a supplier record drives whether the supplier is a Home, EU or Non-EU VAT type.
You can set up a Home VAT Type customer, which means if your database's currency is GBP, then the default currency for the customer is going to be GBP, however by selecting the Any Currency checkbox, you will be able to manually change the currency on a sales transaction.
You can also set up EU or Non-EU VAT Type customer by selecting these options from the the drop-down list. When selecting EU VAT, you must also select the Country from the country list or alternatively type in the country name.
The selection of a country record is used to validate the VAT rates on sales transactions for the supplier and also allows you to be able to select the correct purchase and bank analysis .
To create an any currency supplier selecting Home VAT
Click Creditors then click Suppliers.
On the Supplier Record List, click + New Record.
Click the Settings tab.
Set the VAT Type to be Home.
Leave the Currency Code as GBP.
Note: The currency you set here will be the default currency offered for all transactions which can be manually changed.Select the Any Currency checkbox.
Enter a supplier code and a name, click Save.
The supplier is set up as an any currency supplier and the default currency offered for purchase transactions will be GBP and can be manually edited.
To create an any currency supplier selecting EU
Click Creditors then click Suppliers.
On the Supplier Record List, click + New Record.
Click the Settings tab.
Set the VAT Type to be EU.
Note: When you select EU VAT Type, you will see a new compulsory field is displayed called Country that you must enter so that the currency can be selected accordingly.
Select as an example BE for Belgium from the drop-down list.
Note: You can set the Currency Code field as EUR.
Select the Any Currency checkbox.
After entering a code and a name, click Save.
The supplier is set up as an any currency supplier and the default currency offered for purchase transactions will be EUR and can be manually edited.
To create an any currency supplier selecting Non-EU
Click Creditors then click Suppliers.
On the Supplier Record List, click + New Record.
Click the Settings tab.
Set the VAT Type to be Non-EU.
Note: When you select Non-EU VAT Type, you will see a new optional field displayed called Country that you can enter or can leave blank.
You might have a county record created for a Non-EU currency that you can assign to the supplier.
Select as an example US for America from the drop-down list.
Note: You can set the Currency Code field as USD.
Select the Any Currency checkbox.
After entering a code and a name, click Save.
The supplier is set up as an any currency supplier and the default currency offered for purchase transactions will be USD and can be manually edited.