Multi Currency / Accounts Receivable
Issue an Invoice in Foreign Multi Currency
When Rates are not available
Type
> Sales Invoice
Action
> Click SALES activity
> Click INVOICE module
> Click NEW
> DATE select 15 Dec 11
> CUSTOMER create & select EveryDay Customer Pte Ltd
> CURRENCY select USD
> EXCH. RATE
Notice the value is ’-1’
> Click ADD
> SAVING IS DIALLOWED dialogue box
A warning popped to avoid use saving the document without a correct exchange rate.
> Click OK
Location
> Setup > Accounts > Currency
Action
> Click SETUP activity
> Click ACCOUNTS
> Click CURRENCY module
> Select USD
> Click EDIT
At Table:
> DATE FROM select 1 Oct 11
> DATE FROM select 31 Dec 11
> EXCHANGE RATE enter 1.6
> Click UPDATE
> Close module
Part 1 - Invoicing
Type
> Sales Invoice
Action
> CURRENCY re-select USD
> EXCH. RATE enter 1.6
Details:
> ITEM create & select a service item
> DESCRIPTION enter Services
> QTY enter 1
> UNIT PRICE enter 1000
> TAX select OS- Out of scope
> TOTAL (SGD) check for 1600
> Click ADD
> Close Module
Part 2 – Receiving Customer’s Payment (in Different Multi Currency Type as per Bank Account)
Type
Sales> Receipt
Action
>Click SALES activity
>Click RECEIPT module
>Click NEW
>DATE select 15 Jan 2012
>PAYEE TYPE select Trade
>PAYEE enter EveryDay Customer Pte Ltd
>MODE select UOB Bank
>RECEIVED AMT enter 1000 and select USD
>BANK RATE enter 1.2
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.
>Click IMPORT
>Select Invoice with amount USD1000
>Click ADD SELECTED ROW
>Click BACK
Details
>AMOUNT enter 1000
>PAYMENT AMOUNT (SGD) enter 1200
>Click ADD
This the USD amount to knock-off against thedebtor amount SGD 1,200 is entered to match the SGD value the bank received.
>Select the Receipt previously created
>Click EDIT
>Click GL
General Ledger
>Check for EXCHANGE GAIN/LOSS is SGD400
Close GENERAL LEDGER module Receipt
>Click UNDO
>Close module
Realised Exchange Gain or Loss
Type
Sales> Receipt
Action
> Select the Receipt previously created
> Click EDIT
> Click GL
> General Ledger
> Check for EXCHANGE GAIN/LOSS is SGD400
The system has automatically calculated the exchange loss of SGD400 and posted to the account.
> Close GENERAL LEDGER module Receipt
> Click UNDO
> Close module
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