Handling Foreign‑Currency Vendor Payments

Overview
Record payments in foreign currencies and let Laywork convert amounts based on your exchange‑rate settings.

Steps

1. On Add Vendor Payment, select the foreign‑currency Payment Made currency.

2. Enter the Exchange Rate (or leave default if auto‑fetched).

3. Allocate against bills issued in that currency.

4. Save—Laywork will compute the base‑currency equivalent and any currency gain/loss.

Tips

• Maintain daily exchange‑rate feeds under Settings → Currency Settings.

• Reconcile currency gains/losses monthly in your general ledger.

Troubleshooting

• Incorrect base‑currency amount? Verify the exchange rate entered matches your bank’s rate.

• Gain/loss not calculated? Ensure “Calculate Tax” and “Currency” fields are present in your payment form (enable under Custom Fields).