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Payments - Exchange Rate Fluctuations

Often, the Exchange Rate at the time of the Purchase Invoice will be different to that at the time of Payment. Your company will be liable to absorb the profit or loss on the Currency conversion. Because a Payment always uses the latest Base and Exchange Rates, the calculation of this profit or loss is completely automatic. For example, if you receive a Purchase Invoice for JPY 100000 (Japanese Yen) when JPY 192.867 buys one GBP (Base Currency 1), you expect at that time to pay 518.49 in the home Currency when you issue a payment. However, when you raise the cheque, one GBP buys JPY 193.374, so JPY 100000 will then convert to 517.13. When you specify the Invoice Number in the Payment, 517.13 will be placed automatically in the Bank Amount field:

The gain of 1.36 will be recorded as a Rate Gain and posted to the Rate Gain Account specified on card 2 of the Account Usage P/L setting. This is shown in the Nominal Ledger Transaction generated from the Payment:

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