AR Aging
Open invoices in buckets of days past due by customer and entity, in transaction currency and posted functional carrying value, with a separate indicative current-rate column; the booked column reconciles to the AR control account.
Invoice to cash in a foreign currency
Invoice customers in their currency, record cash when it arrives, and reconcile each application with the amount owed and its current carrying value.
6 stages · 2 approvals
Roles and responsibilities
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Step 1Invoice
Invoice NumberCredited InvoiceCustomerEntity
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Step 2Post and send
Journal Entry NumberEntityDateDescription
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Step 3Collect
Invoice NumberCredited InvoiceCustomerEntity
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Step 4Receive
Journal Entry NumberEntityDateDescription
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Step 5Apply
Journal Entry NumberEntityDateDescription
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Step 6Credit and write-off
Journal Entry NumberEntityDateDescription
Process steps
Follow the process from start to finish. Select a step to see who acts and what changes.
Invoice
AR Clerk raises the invoice with its customer, currency, due date, revenue account, cost centre and tax treatment. Credit checking uses the customer's limit currency. Tax Specialist maintains the configured jurisdiction rules; any authority-prescribed conversion is retained separately from the accounting rate.
Post and send
AR Clerk posts using the approved document-date spot or contract rate. The journal records receivable, revenue and tax in functional currency. Missing or overridden rates follow the exception controls before posting. The invoice keeps the rate used; sending it is a separate delivery step.
Collect
AR Clerk reviews aging and disputed balances. Configured dunning rules determine reminders and escalation; disputed invoices remain excluded. The original invoice-currency balance does not change merely because exchange rates move. Exposure reporting distinguishes current conversion from the ledger's carrying value.
Receive
AR Clerk records the money received on a bank account in that currency, from a validated statement line or manual entry. Receipt posts bank debit and unapplied-cash credit immediately. Customer identification and allocation may follow later; neither delays recognition of the cash movement.
Approval required
Apply
AR Clerk confirms proposed applications. Each line records the invoice amount settled, cash consumed in receipt currency, the conversion between them and any withholding in invoice currency. It clears the receipt's allocated current unapplied carrying value plus withholding receivable against the invoice's current carrying amount. The residual is realised FX; allocated revaluation adjustments are released from item tracking without a second gain or loss.
Approval required
Credit and write-off
An AR Clerk other than the preparer approves credit memos within their authority; Controller approves credits above that limit and every write-off. The comparison uses a recorded amount converted into the decision-maker's limit currency. Credit, reversal and write-off evidence stays linked to the original invoice; delegation does not bypass authority or conflict checks.
Approvals and exception handling
2 approvals required in this process
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Apply
AR Clerk signs · credit and write-off waits
PaymentsReceived, PaymentApplications, Invoices, RevaluationItems, RevaluationSettlements, JournalEntries -
Credit and write-off
AR Clerk or Controller signs · closes the process
Invoices, CreditApplications, ApprovalDecisions, JournalEntries - Keep currencies separateInvoice balances roll up invoice-currency applications. Receipt unapplied cash subtracts only receipt-currency cash consumed; withholding is not bank cash.
- Reconcile partial settlementsEach invoice and receipt retains its remaining amount and carrying basis. Applications cannot consume more cash or settle more debt than remains.
- Handle month-end revaluationUnder Delta, settlement uses the current carrying values of both the invoice and unapplied receipt. Prior recognised FX is not recognised again. Under reversal, confirm the reversal before using the restored basis.
- Preserve unmatched cashUnidentified or excess cash remains a posted unapplied liability in Cash Application Queue. A close-task waiver needs documented Controller approval.
- Keep approval evidenceRecord the converted decision amount, rate, authority and acting person. A rate change or changed settlement amount requires the affected calculation and decision to be reviewed again.
When the process needs attention
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exception
Post and send
Missing or overridden rates follow the exception controls before posting.
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exception
Collect
AR Clerk reviews aging and disputed balances.
Records and postings
| Stage | Records | Dr | Cr |
|---|---|---|---|
| 1 Invoice | InvoicesInvoiceItemsContacts | none | none |
| 2 Post and send | InvoicesJournalEntries | none | receivable debit; revenue and tax payable |
| 3 Collect | Invoices | none | none |
| 4 Receive | PaymentsReceivedBankStatementLinesJournalEntries | none | bank debit; unapplied cash |
| 5 Apply | PaymentsReceivedPaymentApplicationsInvoicesRevaluationItemsRevaluationSettlementsJournalEntries | unapplied cash and withholding receivable debit; receivable credit; residual FX |
|
| 6 Credit and write-off | InvoicesCreditApplicationsApprovalDecisionsJournalEntries | none | approved revenue reduction or bad debt debit; receivable |
Process reports
All reportsAP Aging
Open bills in buckets of days past due by vendor, entity and currency, feeding the pay-run schedule and the forecast of foreign-currency cash needs.
Foreign Currency Exposure
Net open position per entity per foreign currency: receivables plus bank balances plus intercompany receivables less payables, loans and intercompany payables, in the foreign currency, at booked functional value and at today's rate, so the treasurer knows what is unhedged before the pay run.
Budget vs Actual
Per account per cost center, budget, actual, variance and variance percent for period, quarter-to-date and year-to-date, in entity currency or translated at the budget rate for the group view.
Run by an agent
Agent support
An agent cannot approve a revaluation, authorise payment, confirm an intercompany transaction for the receiving entity or sign off a close. It cannot bypass limits, entity access or separation of duties. Preparation remains distinct from the human approval required to release or post the work. Test those restrictions during implementation and retain the agent identity in the audit trail.
# Example after configuration
$ curl -fsSL https://www.erp.ai/skill.md | paste into your agent
› invoice to cash in a foreign currency · invoice on Invoices, InvoiceItems, Contacts
✓ AR Clerk raises the invoice with its customer, currency, due date, revenue account, cost centre and tax treatment.
› invoice to cash in a foreign currency · post and send on Invoices, JournalEntries
✓ AR Clerk posts using the approved document-date spot or contract rate.
› invoice to cash in a foreign currency · collect on Invoices
✓ AR Clerk reviews aging and disputed balances.
› invoice to cash in a foreign currency · receive on PaymentsReceived, BankStatementLines, JournalEntries
✓ AR Clerk records the money received on a bank account in that currency, from a validated statement line or manual entry.
› invoice to cash in a foreign currency · apply on PaymentsReceived, PaymentApplications, Invoices, RevaluationItems, RevaluationSettlements, JournalEntries
⏸ approval · waiting for the ar clerk
# 1 more stage after approval: credit and write-off
Other processes
5 moreMulti-currency period close
Approve reconciliations, revalue supported balances, review the close and consolidate each entity into the group reporting currency.
6 stages · 3 approvals
Bill to payment
Review supplier bills, approve spending within recorded authority, and track payments, currency differences and rejected-bank attempts through to reconciliation.
6 stages · 2 approvals
Revaluation run
Restate foreign-currency balances with item-level workings, independent approval and a clear basis for later settlement.
6 stages · 1 approval
Intercompany to elimination
Agree intercompany transactions, post each entity in its own period, reconcile balances and review consolidation differences.
6 stages · 3 approvals
Consolidation and translation
Translate entity results into the group currency, review eliminations and adjustments, and approve a reproducible consolidation.
6 stages · 2 approvals