Multi Currency / Accounts Payable

Multi Currency / Accounts Payable

Making a USD deposit to Supplier




Info
Type
Purchases> Payment
Info
Action
> AMOUNT enter 1,000 USD
> BANK RATE check if it’s 1
> PAYMENT AMOUNT check for 1,000
> Click ADD
> Close module

Info
Type
Report> Statement of Account 
Info
Action
> Click REPORT activity
> Click AR/AP
> Click STATEMENT OF ACCOUNT module
> BUSINESS PARTNER select Interesting Supplier Pte Ltd
> TYPE select PURCHASE
> Click REFRESH You should be able to see that there is a USD1,000 deposit in the list
> Close module

Enter a Foreign Currency Supplier Invoice (example Malaysia)


Info
Type
Purchase> Supplier Invoice

Info
Action

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

Making Payment to Supplier with earlier Deposit


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

Understanding the Double Entries

Info
Type
Purchases> Payment

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








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