Payment currency is different from Invoice currenc
Payment currency is different from Invoice currenc
Dear All
I would like to check with you a solution I had check it on Test server. It is for pay in different currencies then the invoice currencies.
Our company has 1 ledger & using EGP currency as a primary currency. So times we need to pay to supplier with USD or EUR for invoices with EGP currency or pay in EGP for the invoices with USD currency.
I think to use the currency derivation function in the G.L as define EGP (our primary currency) as a EURO currency & define the other currencies (USD, EUR, ..) as a EURO derived & enter the factor. SO after I do this I can use the payment field in the invoices screen so I could enter the invoice with EGP then choose to pay this invoice with other currency USD & it's work.
My Question is that is this solution is applicable, is there are any other effects can made this solution is not working fine or what is your opinion.
Thanks for your cooperation
Hisham
I would like to check with you a solution I had check it on Test server. It is for pay in different currencies then the invoice currencies.
Our company has 1 ledger & using EGP currency as a primary currency. So times we need to pay to supplier with USD or EUR for invoices with EGP currency or pay in EGP for the invoices with USD currency.
I think to use the currency derivation function in the G.L as define EGP (our primary currency) as a EURO currency & define the other currencies (USD, EUR, ..) as a EURO derived & enter the factor. SO after I do this I can use the payment field in the invoices screen so I could enter the invoice with EGP then choose to pay this invoice with other currency USD & it's work.
My Question is that is this solution is applicable, is there are any other effects can made this solution is not working fine or what is your opinion.
Thanks for your cooperation
Hisham
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- Joined: Mon Sep 17, 2007 3:58 am
- Location: India
Dear all
I would like to share this solution together. This problem already exist in our business & the workaround for it may be not suitable for our users especially for the business which depends on the foreign currencies.
I had test this solution on the test server but I don't know the impact of this solution in other modules like GL so we can test solution & get the feed back to know the right solution for this issue.
Thanks for your cooperation
Hisham Zaki
I would like to share this solution together. This problem already exist in our business & the workaround for it may be not suitable for our users especially for the business which depends on the foreign currencies.
I had test this solution on the test server but I don't know the impact of this solution in other modules like GL so we can test solution & get the feed back to know the right solution for this issue.
Thanks for your cooperation
Hisham Zaki
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- Posts: 38
- Joined: Thu Feb 14, 2008 7:59 am
- Location: India
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- Posts: 256
- Joined: Thu Aug 07, 2008 3:48 am
- Location: USA
Hi oracleapps1983
I think you can test this scenario on currency INR to USD but you must choose your primary currency to make it as EURO currency.
This suggest solution need to tested more times & insure these no any effects at the GL or the other modules to use it.
So I test according to our scenario but may be other person has an comments for this solution so I wait you feed back.
Thanks
Hisham
I think you can test this scenario on currency INR to USD but you must choose your primary currency to make it as EURO currency.
This suggest solution need to tested more times & insure these no any effects at the GL or the other modules to use it.
So I test according to our scenario but may be other person has an comments for this solution so I wait you feed back.
Thanks
Hisham
Hi, hiszaki,
Thers is a solution for a customer of mine.
They Primary Currency is USD. And some times they need pay in CNY for the invoices with USD currency.
What can we do? May be ...
1st, In GL : Create a CNY currency Journal (rate CNY --> USD is 7:1). And make it's Account like,
Dr : Clearing Account (Buy) 700 (CNY) 100 (USD)
Cr: Cash(CNY) 700 (CNY) 100(USD)
2nd, In GL : Create another Journal with USD currency. Make this Journal Account like,
Dr: Cash(USD) 100 (USD)
Cr: Clearing Account (Buy) 100 (USD)
3rd, In AP, pay in USD for the invoices with USD currency.
It's Account is,
Dr : Liability 100 (USD)
Cr: Cash(USD) 100 (USD)
Hope this can help you~~
BR,
Kenver
Thers is a solution for a customer of mine.
They Primary Currency is USD. And some times they need pay in CNY for the invoices with USD currency.
What can we do? May be ...
1st, In GL : Create a CNY currency Journal (rate CNY --> USD is 7:1). And make it's Account like,
Dr : Clearing Account (Buy) 700 (CNY) 100 (USD)
Cr: Cash(CNY) 700 (CNY) 100(USD)
2nd, In GL : Create another Journal with USD currency. Make this Journal Account like,
Dr: Cash(USD) 100 (USD)
Cr: Clearing Account (Buy) 100 (USD)
3rd, In AP, pay in USD for the invoices with USD currency.
It's Account is,
Dr : Liability 100 (USD)
Cr: Cash(USD) 100 (USD)
Hope this can help you~~
BR,
Kenver
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- Posts: 256
- Joined: Thu Aug 07, 2008 3:48 am
- Location: USA
Hi oracleapps
The main point of this issue is using in AP module so what I ask about is that I test this solution in AP & it seems it work fine but I want to check if there are any side effect of using this function according to the previous suggesting.
If you can use this function without any side effect in all modules (AP/GL/CM) I think it will useful for us specially we already use this function in our daily works & it's found in the AR module.
Hisham
The main point of this issue is using in AP module so what I ask about is that I test this solution in AP & it seems it work fine but I want to check if there are any side effect of using this function according to the previous suggesting.
If you can use this function without any side effect in all modules (AP/GL/CM) I think it will useful for us specially we already use this function in our daily works & it's found in the AR module.
Hisham
-
- Posts: 38
- Joined: Thu Sep 25, 2008 11:50 pm
- Location: India
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- Posts: 256
- Joined: Thu Aug 07, 2008 3:48 am
- Location: USA
AS you said in AR it is possible but for AP it is different.. Pls check and Reply
Imp: that obligation of client to make payment to vendor in Different other than Promised Currency type.
What my suggestion is Cancel Invoice and Related Purchase Order. Raise the invoices for the making currency in clients books.
Let me know is there any mistake what i said in the above suggestion
Thanks
Imp: that obligation of client to make payment to vendor in Different other than Promised Currency type.
What my suggestion is Cancel Invoice and Related Purchase Order. Raise the invoices for the making currency in clients books.
Let me know is there any mistake what i said in the above suggestion
Thanks
[quote]Hi to all who contributed to this topic..
Every one is speaking only in the point of GL. What happened to AP module.
When invoice is made in USD (Primary) and making payment to supplier in CAD... Continue from this... (Dont bring GL concept in middle and also those journal entries).
<i><div align="right">Originally posted by oracleapps1983
Every one is speaking only in the point of GL. What happened to AP module.
When invoice is made in USD (Primary) and making payment to supplier in CAD... Continue from this... (Dont bring GL concept in middle and also those journal entries).
<i><div align="right">Originally posted by oracleapps1983
In ALL versions of AP, Payment and Invoice should be in one currency only.
If the currency of invoice = functional currency of the SOB, Payment should also be in the same currency
If the currency of invoice is a foreign currency, exchange rates should be defined, payment can be made in the same foreign currency.
If the currency of invoice = functional currency of the SOB, Payment should also be in the same currency
If the currency of invoice is a foreign currency, exchange rates should be defined, payment can be made in the same foreign currency.
[quote]Hi, hiszaki,
Thers is a solution for a customer of mine.
They Primary Currency is USD. And some times they need pay in CNY for the invoices with USD currency.
What can we do? May be ...
1st, In GL : Create a CNY currency Journal (rate CNY --> USD is 7:1). And make it's Account like,
Dr : Clearing Account (Buy) 700 (CNY) 100 (USD)
Cr: Cash(CNY) 700 (CNY) 100(USD)
2nd, In GL : Create another Journal with USD currency. Make this Journal Account like,
Dr: Cash(USD) 100 (USD)
Cr: Clearing Account (Buy) 100 (USD)
3rd, In AP, pay in USD for the invoices with USD currency.
It's Account is,
Dr : Liability 100 (USD)
Cr: Cash(USD) 100 (USD)
Hope this can help you~~
BR,
Kenver
<i><div align="right">Originally posted by kenver
Thers is a solution for a customer of mine.
They Primary Currency is USD. And some times they need pay in CNY for the invoices with USD currency.
What can we do? May be ...
1st, In GL : Create a CNY currency Journal (rate CNY --> USD is 7:1). And make it's Account like,
Dr : Clearing Account (Buy) 700 (CNY) 100 (USD)
Cr: Cash(CNY) 700 (CNY) 100(USD)
2nd, In GL : Create another Journal with USD currency. Make this Journal Account like,
Dr: Cash(USD) 100 (USD)
Cr: Clearing Account (Buy) 100 (USD)
3rd, In AP, pay in USD for the invoices with USD currency.
It's Account is,
Dr : Liability 100 (USD)
Cr: Cash(USD) 100 (USD)
Hope this can help you~~
BR,
Kenver
<i><div align="right">Originally posted by kenver
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