7.0. Accounts Receivable in Foreign Multi Currency

Issue an Invoice in Foreign Multi Currency

When Rates are not available

STEPS:

1. Click SALES activity
2. Click INVOICE module
3. Click NEW
4. DATE select 15 Dec 11
5. CUSTOMER create & select EveryDay Customer Pte Ltd
6. CURRENCY select USD
7. EXCH. RATE
   Notice the value is ’-1’
8. Click ADD
   
9. SAVING IS DIALLOWED dialogue box
   A warning popped to avoid use saving the document without a correct exchange rate.
10. Click OK
    

STEPS:

1. Click SETUP activity
2. Click ACCOUNTS
3. Click CURRENCY module
4. Select USD
5. Click EDIT
   At Table:
6. DATE FROM select 1 Oct 11
7. DATE FROM select 31 Dec 11
8. EXCHANGE RATE enter 1.6
9. Click UPDATE
10. Close module
    

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Part 1 - Invoicing

STEPS:

1. CURRENCY re-select USD
   
2. EXCH. RATE enter 1.6
   Details:
3. ITEM create & select a service item
4. DESCRIPTION enter Services
5. QTY enter 1
   
6. UNIT PRICE enter 1000
   
7. TAX select OS- Out of scope
8. TOTAL (SGD) check for 1600
9. Click ADD
10. Close Module
    

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Part 2 – Receiving Customer’s Payment (in Different Multi Currency Type as per Bank Account)

STEPS:

1. Click SALES activity
2. Click RECEIPT module
3. Click NEW
   
4. DATE select 15 Jan 2012
   
5. PAYEE TYPE select Trade
6. PAYEE enter EveryDay Customer Pte Ltd
7. MODE select UOB Bank
8. RECEIVED AMT enter 1000 and select USD
9. BANK RATE enter 1.2
   
10. Bank Rate is the rate that the bank convert amount into The internal rate at Currency Table 1.288 is not applicable in this case.
    
11. Click IMPORT
    
12. Select Invoice with amount USD1000
    
13. Click ADD SELECTED ROW
    
14. Click BACK
    Details
15. AMOUNT enter 1000
    This the USD amount to knock-off against the debtor amount
16. PAYMENT AMOUNT (SGD) enter 1200
    
17. Click ADD
    
18. SGD 1,200 is entered to match the SGD value the bank received.
    

STEPS:

1. Select the Receipt previously created
   
2. Click EDIT
3. Click GL
4. General Ledger
5. Check for EXCHANGE GAIN/LOSS is SGD400
6. Close GENERAL LEDGER module Receipt
7. Click UNDO
8. Close module
   

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Realised Exchange Gain or Loss

STEPS:

1. Select the Receipt previously created
   
2. Click EDIT
3. Click GL
4. General Ledger
5. Check for EXCHANGE GAIN/LOSS is SGD400
   
6. The system has automatically calculated the exchange loss of SGD400 and posted to the account.
   
7. Close GENERAL LEDGER module Receipt
   
8. Click UNDO
   
9. Close module
   

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