Difference between revisions of "Dealing with currency accounting in Platinum?"
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*Any amount left over, or over-paid needs to be paid off to a nominal code called Currency Fluctuation. For help creating a code, see [[How do I Create a Nominal Code?|HERE]]. | *Any amount left over, or over-paid needs to be paid off to a nominal code called Currency Fluctuation. For help creating a code, see [[How do I Create a Nominal Code?|HERE]]. | ||
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* [[How do I set up currency translation?]] | * [[How do I set up currency translation?]] | ||
* [[How do I Add a New Currency?]] | * [[How do I Add a New Currency?]] | ||
Revision as of 16:30, 17 October 2013
Summary
Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how to do this.
More Information
In this example, we are going to deal with the process of posting a purchase invoice and then paying it off.
- POST the purchase invoice onto the purchase ledger in the normal way, but you must convert the currency to sterling before you post on the amount.
- When the time comes to PAY the supplier, perform a currency conversion at that day's rate and do a part payment. (It is assumed at this point that there has been a difference in the exchange rate from when the invoice was posted to when the invoice was paid).
- Any amount left over, or over-paid needs to be paid off to a nominal code called Currency Fluctuation. For help creating a code, see HERE.
See also
- How do I set up currency translation?
- How do I Add a New Currency?
- How do I View an Amount in a Different Currency?
- How do I Add a New Country?
