Costpoint recognizes the following three currency types for recording accounts payable transactions:

• Functional Currency: Your functional currency was selected when your company originally installed Costpoint. This is the currency used for your company's financial statements. Once the functional currency is selected, you should not change it. (If you are unsure what your functional currency is, display the Configure General Ledger Settings screen.)
• Transaction Currency: The transaction currency is the currency that your vendor used on the invoice you received. This currency may or may not be the same as the functional currency or the pay currency. However, the transaction currency and the pay currency are frequently the same.
• Pay Currency: The pay currency is the currency in which your vendor is expecting payment. This currency may or may not be the same as the functional currency or the transaction currency. However, the transaction currency and the pay currency are frequently the same.

For more information on using multiple currencies, see Currencies in Costpoint.