Re: [SL] Cross currency invoice entry

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

Aha, inspiration.

Presumably the expectation is that one is supposed to pay the invoice 
from an "FX Settlement" account.  This account is debited by the foreign 
currency and credited by the local currency amount.  Then I effectively 
put in a transfer to settle this payment by crediting the foreign 
currency and debiting the amount of local currency that I paid.  The net 
balance in the account is the actual fx gain/loss on the payment versus 
the rate in the system on that day and gets transferred out.

Seems awfully complicated and I'm still stumped as to how to best enter 
this payment into the system.  The SL manual is extremely vague on what 
the "FX" tickboxes do - do I need to select them?

Grateful for pointers

Ed W


Ed W wrote:
> I'm really struggling with this transaction
>
> OK, I entered my invoice in USD, but the rest of the accounts are in GBP
>
> I then entered in a payment, the rate was picked up automatically (and 
> is slightly off what I paid).  However, the checking account is then 
> credited with the USD amount and debited by the GBP amount, leaving a 
> net negative balance?  Why is this?
>
> The FX gain/loss accounts appear to be adjusted correctly and show 
> uplifts inline with the difference between the invoiced rate and the 
> payment rate.
>
> I'm sure there are others here entering FX transactions, can anyone 
> please shed some light on how to enter them please
>