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 this achieved.
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Occasionally, you may have to deal with a supplier/customer in a different currency. The following article explains how to do this.
  
 
==More Information==
 
==More Information==
 
In this example, we are going to deal with the process of posting a purchase invoice and then paying it off.
 
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.
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*[[Posting Purchase Invoices|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 [[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)
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*When the time comes to [[Paying Suppliers|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 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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*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]].
  
 
{{KB_Tags|Purchase, Invoice, Posting, currency, sterling}}{{ZN_Accounts}}
 
{{KB_Tags|Purchase, Invoice, Posting, currency, sterling}}{{ZN_Accounts}}

Revision as of 11:00, 30 April 2010

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.


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Keywords AND Misspellings
Purchase, Invoice, Posting, currency, sterling