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How to correct Vendor Bill for stock item posted at different exchange rate?

edited Apr 19, 2023 4:13PM in Ask A Guru 4 comments

Hi All

Please advise what is the best workaround solution if our client prefers to recognise a lower cost of sales and take the difference to realised exchange loss.

Is it necessary to make any adjustments at all as I feel it is not important since the Custom is paid in full in USD no matter what is the Custom rate or inhouse rate.

Our client has made a mistake when she posted an inventory USD vendor bill in the month of Mar 23 at exchange rate 1.36 and the period is locked.

However, in Apr 23, she realised that the actual exchange rate issued by the Singapore Custom is at 1.33.

Thanks for your guidance.

Kedalene Chong

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