Re: [SL] Cross currency invoice entry

[Ed W <li...@wi...>]

Bump...

...Anyone...?  How to enter foreign currency invoices..?

Ed W


Ed W wrote:
> OK, so I have only sterling bank accounts, but I have an invoice from a 
> supplier in USD.  I go to the bank and buy dollars using sterling and 
> then wire the money to the beneficiary
>
> ....Now how to best enter this into the accounts system..?
>
> I had previously been taking the rate that I got on my USD transaction 
> and converting the invoice into stering at this rate, but it's awkward 
> and error prone.  I now want to use the accrual type system and an FX 
> account.
>
> So I enter in the invoices in USD.  I then use the "payment" function to 
> pay the invoice in USD, which I believe will leave me with a calculated 
> GBP amount against my cash account.  Now the remaining bit is how to 
> post the balancing item into an FX reserve account so that the correct 
> amount of GBP is shown...?
>
> Can anyone talk me through the best way to do this last step please?
>
> Cheers
>
> Ed W
>
>
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