Foreign trader customer and supplier balances | AccountingWEB

Foreign trader customer and supplier balances

I am looking at a set of data (on the 2011 version) where for one customer and one supplier balance there is mismatch in the balances - they should both be zero and are zero in their own currencies (GBP) but in base currency (USD) they have small credit balances.

These are due to revaluation transactions and whenever I have seen these before I have always been able to get rid of them by deleting the a payment or receipt and re-entering it at a slightly different exchange rate but this doesn't work in version 2011 and upwards because the revaluations don't necessarily get deleted.

Has anyone come across this before and have a different solution other than getting the data fixed?

patvanaalst's picture

Thinking logically

patvanaalst | | Permalink

Couldn't you post an invoice/credit note, both coded to exchange variances in the P&L, with different exchange rates calculated to compensate that balance on the account.  The net balance from the account would then be moved to variances.

i.e. credit (negative supplier rather than TB) balance of €10, post £100 invoice @ €1 to £1, makes a balance of £100 or €90, then a £100 credit @ €0.9 to £1, makes a balance of £0 or €0.





heatherjt | | Permalink

I use version 11 and have foreign currency transactions.


I have seen similar however, has been due to the balance not been cleared at the bank ie:

Customer receipt posted as 'on-account' and not actually matched against the invoice.  Matching against the invoice clears the balance.



Fmaat's picture

Currency translation gains or losses

Fmaat | | Permalink

I suggest the same as Pat's;

They can be written off to translation gains or losses by putting appropriate entries through the supplier or customer accounts. This can be done at the same time as putting payments/receipts through to avoid differences remaining on the accounts.

Sage international payment connector

Cloudius | | Permalink

There is a connector available for sage that allows you to click a button, view live exchange rates, choose invoices and then press pay, the currency gain and loss files are made automatically.
Register for sage international payment service, think its under finances on the website
Will save you hours of pain

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