Difference between revisions of "Dealing with currency accounting in Platinum?"
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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 to do this. | Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how to do this. | ||
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* 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]]. | ||
| − | ** Press {{KeyPress|F2} | + | ** Press {{KeyPress|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. | 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. | ||
Revision as of 09:44, 19 September 2017
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
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Contents
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.
Posting an Invoice/Credit Note
- Make sure 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.
- 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 payment 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 a Profit & Loss Overhead, Profit & Loss Cost of Sale or other category.
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?
