Set up a supplier record for a foreign vendor
If you order materials from a vendor that uses a different currency from your country’s base (default) currency, you can select the currency in the Supplier record.
Note:
The currency must be enabled in the Currencies policy table in Polaris Administration.
To set up a supplier record for a foreign vendor.
Tip:
You can search for suppliers, purchase orders, and invoices by currency code. Select Currency Code in the Limit by box in the Find Tool and select the code.
- Select File > New > Supplier Record and enter the foreign vendor’s information in the Supplier workform. See Create a new supplier record.
- Select the foreign currency in the Currency box.
- Save the Supplier record.
- However, when transactions are posted to the fund, the amount is converted to your base currency based on the currency exchange rate. See Update the currency exchange rate for a foreign currency. For more information about transactions, see Fund Transactions.
When a foreign supplier is used, the amounts in the Purchase Order, Invoice, Purchase Order Line Item, and Invoice Line Item workforms are displayed in the foreign vendor’s currency, along with the currency code. For example, on the Orders view of the Purchase Order workform, the order total displays Order (CAD) for orders placed with a Canadian supplier, if this is not your base currency.
