Page 1 of 1
Payables
Posted: Tue Jul 08, 2008 3:46 am
by segu_tulasi55
Functional currency is INR
BANK- USD
Invoice & Payment #8211; UK
How can u make payments what r the a/cing entries for it?
Posted: Tue Jul 08, 2008 7:39 am
by byswamy
Invoice(USD)
first scenario; PO-inv(same exchange rate)
AP Accrual A/c 1000
laibility A/C 1000
second senaria: different exchange rate
PO rate variance defaults from financial option
AP Accrual A/C 1000
PO Rate variance A/C gain 10
Liability A/C 1100,
Loss
AP Accrual A?C 1000
PO rate variance loss 10
Liability A/C 9990
If the excahnge rate is different b/w the invoice and payment
This account default from bank
take same senario for payments also
Thanks
Swamy