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Inventory Received not Billed Register

edited Nov 26, 2019 8:41AM in Accounting / ERP 6 comments

Hi,

I have liability account in Balance Sheet as Inventory Received and Billed register. I Have Around $26K standing in that account which is not good, and needs to be cleared.

I have tried to reconcile, and figured out that whenever we have changed the system exchange rate there is a discrepancy, as we buy all our products in USD and then system converts the figures in AUD as per the system exchange rate set.

This means,

Suppose our current system rate is 1.2788 and we have changed to 1.19, there is a discrepancy between Item Reciept and billed. That means Item for USD 2000 is received as per 1.2788 which is equivalent to AUD2557.60 and billed as per 1.19, equivalent to AUD2380. So the discrepancy between the transaction(AUD177.60) is standing there.

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