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. | + | 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, | + | *[[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 | + | *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 | + | *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.
