Making a USD deposit to Supplier

STEPS:

1. AMOUNT enter 1,000 USD
2. BANK RATE check if it’s 1
   
3. PAYMENT AMOUNT check for 1,000
   
4. Click ADD
   
5. Close module
   

STEPS:

1. Click REPORT activity
   
2. Click AR/AP
   
3. Click STATEMENT OF ACCOUNT module
4. BUSINESS PARTNER select Interesting Supplier Pte Ltd
5. TYPE select PURCHASE
6. Click REFRESH You should be able to see that there is a USD1,000 deposit in the list
7. Close module

Enter a Foreign Currency Supplier Invoice (example Malaysia)

STEPS:

1. Click PURCHASE activity
2. Click SUPPLIER INVOICE module
3. Click NEW
   
4. DATE enter 15 Feb 12
   
5. BUSINESS PARTNER select Interesting Supplier Pte Ltd
6. CURRENCY select MYR
7. EXCH RATE check that it is 15.397
   Details
8. ITEM create new and select  - code
9. DESCRIPTION enter Lump Sum Charges
10. QTY enter 1
11. UNIT PRICE enter 500,000
12. TOTAL (SGD) check that amount 7,698.50after GST
13. Click ADD
14. Close module
    

Making Payment to Supplier with earlier Deposit

STEPS:

1. PURCHASE activity
2. Click SUPPLIER INVOICE module
3. Click NEW
4. DATE enter 15 Mar 12
5. BUSINESS PARTNER select Interesting Supplier Pte Ltd
6. MODE select USD Bank
7. EXCH RATE check for 1.288
   Details
8. Click IMPORT
9. Select invoice with MYR 535000
10. Click ADD SELECTED ROW
11. Select Deposit
12. Click ADD SELECTED ROW
13. BANK RATE enter 0.01537
14. PAYMENT AMOUNT check 10,591.16
15. TOTAL (USD) check for 8,222.95 amount
    The total amount should be 7,222.95 after deduct 1000
16. Click Update
    

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Understanding the Double Entries

STEPS:

1. Select the previously created payment
2. Click EDIT
3. Click GL
4. Line 1, TRADE CREDITORS
5. Line 2, EXCHANGE GAIN/LOSS
   System generated exchange gain or loss posting. No exchange rate involved as
   the posting is in SGD.
6. Line 3,
   BANK Amount drawn from the bank, rate is used @ 1.288
   
7. Line 4, TRADE CREDITORS deposit payment
   The deposit amount is convert @1.288
8. Close GL module
   
9. Click UNDO
   
10. Close PAYMENT module