Multicurrency invoices can be calculated, printed, and posted for standard bills, customer product bills, project product bills, and milestone bills.

Identify the transaction currency needed on an invoice on the Manage Project Billing Information screen or one of the edit screens. The default transaction currency from the Configure Multicurrency Settings screen is the default in all Costpoint Billing screens. You can use any currency that has been set up on the Manage Currencies screen. You can use any billing formula available on the Manage Project Billing Information screen. You can have billing rates frozen so that the amounts in the transaction currency can be used on the bill, regardless of the exchange rate in effect at the time of bill creation, or you can have the rates converted at the current exchange rates. Value Added Taxes are also available in Costpoint Billing. Set up codes for value added taxes on the Manage Sales or Value Added Taxes screen. 

In order to produce an invoice in a currency other than the functional currency, you must set up certain information on the Manage Project Billing Information screen. On the Other Info tab, you must identify the transaction currency in which to bill. The default from the Configure Multicurrency Settings screen displays but can be changed to any currency that has been set up on the Manage Currencies screen. You must also select a rate group in order for the proper conversion to functional to occur. There are two other important selections on this subtask:

• Select the Freeze Multicurrency Rate check box to restrict the calculation of unrealized gains and losses at the end of an accounting period. If you select this check box and execute the Update Open Accounts Receivable Exchange Rates process, any receivables related to this project remain unmodified; therefore, no gain or loss is computed or posted on receivables generated by the project. 
• Select the Use Transactional Currency Billing check box to stop the conversion of billing rates and non-labor costs by the current exchange rates. The billing rates found in the billing rate screens are used in the calculation of the invoice and no rate conversion takes place. The non-labor costs are directly passed through to the invoice with no conversion rates applied.

Set up value-added taxes on the Manage Sales or Value Added Taxes screen. In this screen, you identify the tax accrual account, the tax type (VAT or Sales), the rate, and the recoverable accounts. 

Set up tax types on the Manage Tax Types screen. In this screen, you initialize a tax type as recoverable and/or accruable. If a tax is recoverable, you must identify your credit and debit recoverable accounts on the Recoverable Accounts subtask of the Manage Sales or Value Added Taxes screen.