Difference between revisions of "Dealing with currency accounting in Platinum?"
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=== Posting an Invoice/Credit Note === | === Posting an Invoice/Credit Note === | ||
| − | * Make sure that you have set up and maintained your exchange rates as you want them, and that the [[How do I | + | * Make sure that you have set up and maintained your exchange rates as you want them, and that the [[How do I deal with purchases from EU countries and V.A.T. reporting?|supplier]] has had the correct settings applied to their account. |
| − | * [[Posting | + | * [[Posting purchase invoices|Post]] the purchase invoice onto the {{PL}} in the normal way. |
** Enter the {{DataPrompt|Nett}} amount in the supplier's currency and press {{KeyPress|A-E}}. | ** Enter the {{DataPrompt|Nett}} amount in the supplier's currency and press {{KeyPress|A-E}}. | ||
** The amount will be converted into your [[How do I set up currency translation?|base currency]]. | ** The amount will be converted into your [[How do I set up currency translation?|base currency]]. | ||
| + | ** Alternatively you may enter a rate to use for this specific invoice in the {{DataPrompt|Session rate}} field. | ||
| + | {{Warning|text=Please be aware that a rate entered here will be the rate used for any subsequent conversions you choose to make until you log out of Platinum. This includes subsequent purchase invoices you choose to post, payments to suppliers in local currency and amendments to the local currency for items on purchase orders. Sales invoices will still be converted at the system default exchange rate.}} | ||
| + | |||
** Press {{KeyPress|F2}} to choose the converted rate. | ** Press {{KeyPress|F2}} to choose the converted rate. | ||
=== Posting the Payment === | === Posting the Payment === | ||
| − | When the time comes to [[Paying | + | When the time comes to [[Paying suppliers|pay]] the supplier: |
* Enter the {{DataPrompt|Payment}} amount in the supplier's currency and press {{KeyPress|A-E}}. | * Enter the {{DataPrompt|Payment}} amount in the supplier's currency and press {{KeyPress|A-E}}. | ||
** The amount will be converted into your [[How do I set up currency translation?|base currency]]. | ** The amount will be converted into your [[How do I set up currency translation?|base currency]]. | ||
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* Post the payment as normal then return to the Payments screen. Pay off the amount left, whether over or under, to a Nominal Code called Currency Fluctuation. | * Post the payment as normal then return to the Payments screen. Pay off the amount left, whether over or under, to a Nominal Code called Currency Fluctuation. | ||
| − | ** If this code does not yet exist in your system, please see [[How do I | + | ** If this code does not yet exist in your system, please see [[How do I create a nominal code?|this]] article to create a new code. If necessary seek advice from your accountant as to how to classify the code, e.g. as either a Profit & Loss Overhead or Cost of Sale. |
| + | |||
| + | Alternatively please see the article on [[How do I authorise and make bulk supplier payments?|bulk payments]] as this allows you to pay your suppliers in their currency. The difference due to currency fluctuation will be automatically posted to a default P&L Overhead centre. | ||
== View in local currency == | == View in local currency == | ||
| Line 37: | Line 42: | ||
== See also == | == See also == | ||
* [[How do I set up currency translation?]] | * [[How do I set up currency translation?]] | ||
| − | * [[How do I | + | * [[How do I add a new currency?]] |
| − | * [[How do I | + | * [[How do I view an amount in a different currency?]] |
| − | * [[How do I | + | * [[How do I reconcile foreign currency accounts?]] |
| − | * [[How do I | + | * [[How do I deal with purchases from EU countries and V.A.T. reporting?]] |
| − | * [[How to | + | * [[How to deal with sales to EU countries and V.A.T. reporting]] |
{{KB_Tags|purchase, invoice, posting, currency, sterling, exchange rate, convert, conversion, fluctuation, euro, gbp, dollar, foreign, currancy}} | {{KB_Tags|purchase, invoice, posting, currency, sterling, exchange rate, convert, conversion, fluctuation, euro, gbp, dollar, foreign, currancy}} | ||
{{Hint}}{{KB_PL}}{{KB_SL}}{{ZN_Accounts}}{{ZN_Admin}} | {{Hint}}{{KB_PL}}{{KB_SL}}{{ZN_Accounts}}{{ZN_Admin}} | ||
Latest revision as of 06:28, 19 December 2020
Contents
Summary
This article explains how to deal with supplier (or customer) transactions in different currencies.
More Information
In this example, we are going to deal with the process of posting a purchase invoice and then paying it off.
Posting an Invoice/Credit Note
- Make sure that you have set up and maintained your exchange rates as you want them, and that the supplier has had the correct settings applied to their account.
- Post the purchase invoice onto the Purchase Ledger in the normal way.
- Enter the "Nett" amount in the supplier's currency and press <Alt+E>.
- The amount will be converted into your base currency.
- Alternatively you may enter a rate to use for this specific invoice in the "Session rate" field.
 | Please be aware that a rate entered here will be the rate used for any subsequent conversions you choose to make until you log out of Platinum. This includes subsequent purchase invoices you choose to post, payments to suppliers in local currency and amendments to the local currency for items on purchase orders. Sales invoices will still be converted at the system default exchange rate. |
- Press <F2> to choose the converted rate.
Posting the Payment
When the time comes to pay the supplier:
- Enter the "Payment" amount in the supplier's currency and press <Alt+E>.
- The amount will be converted into your base currency.
- Press <F2> to choose the converted rate.
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.
- Post the payment as normal then return to the Payments screen. Pay off the amount left, whether over or under, to a Nominal Code called Currency Fluctuation.
- If this code does not yet exist in your system, please see this article to create a new code. If necessary seek advice from your accountant as to how to classify the code, e.g. as either a Profit & Loss Overhead or Cost of Sale.
Alternatively please see the article on bulk payments as this allows you to pay your suppliers in their currency. The difference due to currency fluctuation will be automatically posted to a default P&L Overhead centre.
View in local currency
It is possible to view transactions in local currency in the following locations within Platinum. This information is available but not immediately obvious because multiple currencies are only required by a small number of users of the software at this time.
You will need to stretch the local currency column which can be found on the right hand edge of the list in order to see local currency information. List columns can be stretched and shrunk as appropriate for the needs of individual users. Once changed the new look of the list is retained for the user when they return to the list at a later date.
- Customer History
- Supplier History
- Bank Reconciliation
- Nominal Review
- Nominal Reconciliation
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 reconcile foreign currency accounts?
- How do I deal with purchases from EU countries and V.A.T. reporting?
- How to deal with sales to EU countries and V.A.T. reporting
