You need to create three different payable charge types as displayed below. Adjust the descriptions to suit your business process and accounting processes.
1) On the CDN bill you wish to issue a USD TChek advance for, you need to add a payable charge of type PC1 in the CANADIAN amount you wish to pay the vendor. (In this example our bill is for $800 and we wish to pay $400 by TChek – NOTE: Any TChek Fee will be deducted from this total amount, so if your vendor is expecting to receive the equivalent of $4000 CDN, you should add the fee amount here.)
2) You need to calculate the Exchange Adjustment by the following steps:
a. Get the current exchange rate. In our example, the exchange is 1.0348.
b. Calculate the USD Amount:
USD AMOUNT = CDN AMOUNT/ EXCHANGE RATE
= 400/1.0348 = 386.55
c. Calculate the Exchange Adjustment
Exchange Adjustment = USD AMOUNT – CDN AMOUNT
= 386.55 -400 = (13.45)
Once you have calculated the amounts you are ready to create the second bill.
· Create new bill
· Toggle the currency to USD
· Add a payable charge of type PC2 in the amount (CDN) you wish to convert
· Add a payable charge of type PC3 in the amount of the exchange adjustment (being mindful of whether it is a positive or a negative amount)
· Post the bill (otherwise you won’t be able to pay the full amount)
· Issue your TChek as per normal