Before you start the payment procedure, determine the currency you will use to pay the invoice. For this example, we assume the following:

• Your functional currency is United States dollars.
• You received an invoice with a transaction and pay currency of Japanese yen.
• You have not initialized any portion of Costpoint Multicurrency.

To use a selected pay currency, your company must maintain a bank account held in that currency. For the example that follows, your company has a bank account held in Japanese yen.