Re: [SL] Cross currency invoice entry

[Dr E. W L. <el...@li...>]

Simple,

paste the slip from your USD purchase onto it and account the amount in
Sterling. That way even the bank charges get accounted.

el

Ed W wrote:
> 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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