Financial - JDE1 (MOSC)

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Entry for EuroConversion into USD

edited Jun 6, 2016 3:13AM in Financial - JDE1 (MOSC) 3 commentsAnswered

Hello all,

We have scenario where we need to convert Euro in to USD ...so what the entries we need to pass so that exchange variation effect taken  by system automatically.

Normally when we have scenario to convert USD to CNY  ( Our Local Currency) , we pass below entries so system can pass exchange gain/loss entry automatically.

  Create Payable with dummy vendor account  –Foreign Currency Vendor

  1. Make payable entry with USD 1000.00 @ rate which at present showing books ( 1000 * 6.7 = 6,700.00)
  2. Make Payment to this vendor using Foreign Currency bank account $ 1000.00 @ rate which at present showing in books ( 1000 * 6.7 = 6,700.00)
  3. Create Receivable (RN) with USD 1000.00 @$ 1000.00 @ rate which at present showing in  books ( 1000 * 6.7 = 6,700.00)

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