I am relatively new to Manager, and have a question. My currency is ZAR, but I have some suppliers in USD. Now paying them is not a problem. I have a forex bank account where I can deposit ZAR and the bank will convert it to USD. I do not have a problem with currency gains/losses.
My question is, how do I do the accounting for this?
For example: I want to buy an fixed asset. The asset cost USD 1000. The exchange rate is 10:1. So I transfer ZAR 10 000 from my one account to the forex account. My bank converts the funds, and I get USD 1000. I then pay the supplier the USD 1000 from my forex bank account.
Any help is appreciated.