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exchange rates: buying versus selling
For our company, the base currency is ANG.
Let's consider customers and vendors located in the US.
Currently, Netsuite only allows us to specify ONE exchange rate from USD to ANG. However, the bank uses two different exchange rates: one rate when US dollars are transferred INTO our ANG bank account; another rate when US dollars are transferred OUT OF our ANG bank.
For example:
on the A/R side,
invoice = $1000
US based customer makes payment by transferring money to our ANG bank account.
The bank uses exchange rate = 1.78, thus $1000 = Ang 1780
now let's consider the A/P side:
bill = $1000
We transfer money to this US based vendor from our ANG bank account.
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