Dealing with currency accounting in Platinum?
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Revision as of 15:28, 23 April 2010 by 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
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 posting a purchase invoice and pay 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 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
