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Receipts in Currency

If you have received payment against an Invoice that you issued in a foreign Currency, it may be necessary for a rate loss or gain to be calculated because the exchange rate might have changed in the time between issuing the Invoice and receiving the payment. In order for the credit posting to the Debtor Account to be balanced by the debit posting to the bank, a rate loss (or gain) must be debited (or credited) to a third Account (for Exchange Rate losses and gains). In fact it is possible to have separate Accounts for rate losses and rate gains. You should specify these Accounts on the 'Exchange Rate' card of the Accounts Usage S/L setting before entering Receipts in Currency, and the gains or losses will then be posted automatically. The balancing must usually take place against the exchange rate: in most cases you cannot make such adjustments by changing the bank fees or the amounts received from your Customers.

In the Nominal Ledger Transaction created from a Receipt in Currency, that Currency together with the Exchange Rate used will be noted in the Text field.

Please refer here for more details about Receipts in Currency together with illustrated examples.

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The Receipt register in Standard ERP:

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