Clearing outstanding "Currency reval" transactions in suppliers

I am looking at some Sage data which has a base currency of US dollars and routinely processes transactions in sterling, dollars and euros and has the foreign trader option switched on.

Three supplier accounts which set in sterling have small balances (in dollars) showing on the supplier list and when an aged creditors report is run, which are made up of currency revaluations created when the relevant invoices were paid. When viewed in sterling, there is no outstanding amount.

I am trying to remove these transactions so that the aged creditors report in base currency is correct - the amounts are small (probably less than $200 between the three) - but I cannot see how to do it. I've tried using a false exchange rate but it just changes the amount outstanding and I can't write them off as they are not in base currency!

Any help gratefully appreciated

 

Chris

 

Comments
scalloway's picture

Dummy Invoice/Credit note    1 thanks

scalloway | | Permalink

My method for cleating off small differences on supplier accounts is to enrter an amount as invoice or credit note (VAT code T9). In your case the balancing entry would go to currency fluctuations.

Cures part of the problem

ChrisDL | | Permalink

I have tried that and it does at least cure the problem of a balance displaying - however when I try and match the various invoices and credit notes against each other with a zero bank payment all of the currency reval transactions come back again and that is what is causing the frustration

Have you matched the payments yet?    1 thanks

maxmillion | | Permalink

I had a similar issue just recently and discovered that I hadn't actually matched the payments against the invoices which happened because I had originally paid the supplier as a Payment on Account as we paid in advance of the goods being delivered and the invoice being received.

After I did the matching, the neglible balance showing in sterling was removed by sage as the dollar invoice and the dollar payment now tied up exactly.

-M

 

Yes and no

ChrisDL | | Permalink

The payments weren't matched to the invoices - but when I match them it just crystallises the position so that there are now two revaluations which I can't get rid of

Update

ChrisDL | | Permalink

I have now been through this with Sage and it seems that these transactions are consequences of a previous data corruption (subsequently repaired) and cannot be marked as paid

Foreign currency connector,

Cloudius | | Permalink

I have seen the sage global payment connector, it auto creates the currency loss/gains for you.
It's a free add on but you need to register with sage international payments, link is on sage.co.uk

Add comment
Log in or register to post comments