Difference between revisions of "Dealing with currency accounting in Platinum?"
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Tim Laundon (talk | contribs) (New page: {{Incomplete}} ==Summary== Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how this achieved. ==More Information== In ...) |
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==Summary== | ==Summary== | ||
Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how this achieved. | Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how this achieved. | ||
==More Information== | ==More Information== | ||
| − | In this example, we are going to deal with posting a purchase invoice and | + | In this example, we are going to deal with the process of posting a purchase invoice and then paying it off. |
*[[Posting Purchase Invoices|Post]] the purchase invoice onto the purchase ledger in the normal way, however, convert the currency to sterling before you post on the amount. | *[[Posting Purchase Invoices|Post]] the purchase invoice onto the purchase ledger in the normal way, however, convert the currency to sterling before you post on the amount. | ||
| − | *When the time comes to [[Paying Suppliers|pay]] the supplier, perform a currency conversion at that days 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) | + | *When the time comes to [[Paying Suppliers|pay]] the supplier, perform a currency conversion at that days 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 on to when the invoice was paid) |
*Any amount left over, or over paid needs to be payed 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 payed 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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| + | {{KB_Tags|Purchase, Invoice, Posting, currency, sterling}}{{ZN_Accounts}} | ||
Revision as of 14:55, 29 April 2010
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
Summary
Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how this achieved.
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, however, 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 days 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 on to when the invoice was paid)
- Any amount left over, or over paid needs to be payed off to a nominal code called currency fluctuation. For help creating a code, see here
