Exchange rates and Accounts Receivable
martin at longhome.co.uk
Thu Mar 1 09:01:59 EST 2012
I'm a UK business owner with my accounts denominated in pounds (GBP). I
receive some payments in dollars - these are not amounts I control, as they
are based on advertising revenue.
I use trading accounts - an excellent way of handling FX transactions by
When I come to enter an invoice, I want to record it in Advertising Income
/ Accounts Receivable USD based on today's exchange rate. Then I will
later do a transaction between A/R and my Current Account at the transfer
However, this is not made easy. If I try to enter the transaction in
"Accounts Receivable USD" I don't get the option to enter the exchange
rate. Clicking the "Exchange Rate" context menu tells me that "This
register does not support editing exchange rates".
I can go to the "Advertising Income" account, and enter the transaction
there, but that requires me to know the GBP value - well, the amount on my
credit note is in USD.
I want to be able to enter this transaction in USD, and have the exchange
rate box calculate the GBP value for me. This seems like a normal use case,
why doesn't it work like that? Am I missing something?
Thanks in advance
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