This user guide provides essential information for users managing multi-currency payments between Corpay One and Business Central (BC). It emphasizes currency handling specifics for US and DK regions, ensuring smooth synchronization. Understanding these scenarios will help navigate through currency conversions, foreign exchange payments, and other related functionalities seamlessly.
General Guidelines:
Base Currency: The base currency of the companies or vendors' currency in BC does not impact the handling of payments between Corpay One and Business Central.
Currency Support (US): Corpay One supports payments in USD for US companies. Regardless of whether it's a Foreign Exchange (FX) or international payment, the funds will be pulled in USD from the bank account. Payment amounts sent to Business Central would also be in USD.
Currency Support (DK): For Danish (DK) companies, payments can be in various currencies based on the bank accounts configured in different currencies. If the bank performs foreign exchange, Corpay One will send the payment amount in the exchanged currency to Business Central.
| Use Case | Invoice Process | Payment Processing |
Multi-Currency Use Cases for DK Market | Foreign Exchange Payments from Corpay One - via a Bank | The invoice is synced to BC in the currency of the invoice. | 1. Payment is synced to BC in the base currency (currency of the bank account).
2. Corpay One retrieves the foreign currency payment amount and exchange rate from the bank before sending it to BC.
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Multi-Currency Use Cases for DK Market
| Foreign Exchange Payments from Corpay One - Cross-Border | The invoice is synced to BC in the currency of the invoice. | 1. Payment synced to BC in the currency of the bank from which funds were withdrawn (may differ from the invoice currency).
2. Payment amount may differ due to currency conversion, including a 1.5% fee.
3. The fee appears in Business Central as an open balance. Please decide the placement of the cost of the FX payment (gain/loss) within the system.
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For further information or assistance, please contact support@corpayone.com for additional help.