FX conversion on AP invoice between invoice currency and local tax reporting currency
The scenario is as below
Invoice currency: USD
Payment currency: USD
Ledger currency: USD
Tax reporting currency: SGD (for a SG registered company)
The supplier has provided a designated conversion rate between the invoice currency (USD) and tax reporting currency (SGD), which will be used to translate the VAT amount to tax reporting currency (SGD) for tax filing purposes. Is there anywhere on the invoice where we can store this conversion rate?
Per our understanding, the invoice conversion rate is to convert between invoice currency and ledger currency for journal booking, so this would not be a valid field for our requirement.