Is it possible to enter 2 currencies in a single receipt? If so, how do go about it? Thanks
Transaction can be in one currency only. What exactly are you trying to record?
This morning, we received a payment in 2 currencies, Indonesian Rupiah and USD, for an invoice. This was a rare case and we wondered how to enter them together into one single receipt. What we did this morning was we entered in the description the USD received and converted it into Rupiah to match the invoice. I don’t know whether we did it correctly or not.
How do you receive payment in 2 currencies?
You mean USD customer paid USD into IDR bank account for USD invoice? Is this what happened?
Actually the customer paid in both cash IDR1.000.000 and USD300. There is no USD in the invoice. Everything we deal is in IDR. I don’t know why he gave his USD, but my admin staff accepted it.
Also, our cash account now is not the same with the actual cash in hand due to the USD. What should we do with this?
Get the USD converted into IRD, at a bank or elsewhere and then process that IRD
It is a small amount, we might consider to keep it.
Then you need to create a separate cash account - USD Cash - and take it up at a converted value.
You can’t leave it as part of the normal cash account for the reasons you have stated - cash account doesn’t match actual cash.
Would these be the correct steps?
In the description of the Receipt
Payment in USD300 x 13.300 Rp3.990.000
Next step, create a new USD Cash account and transfer the Rp3.990.000 and convert back to USD300.
No, you issue two receipts. One for each currency.
One receipt (1.000.000 IDR) should be deposited into IDR cash account. And the second (300 USD) should be deposited into USD cash account.
Both receipts should be categorized to IDR invoice.
You might wonder how Manager can allocate 300 USD to IDR invoice but when you try to record receipt of 300 USD against IDR invoice, Manager will ask you to enter IDR amount as well.
The simplest thing would be to process the two currencies as separate receipts but in local currency.
- Create the “USD Cash” account
- Receipt 1 - Normal Cash - Tuition Rp 1.000.000
- Receipt 2 - USD Cash - Tuition Rp 3.990.000 (with note/description USD 300)
Now you don’t have to set-up base currency, unless you require it for other transactions
Thanks Lubos and Brucanna for your suggestions.