I have a client who needs foreign exchange rate functionality of the programme, but the issue is the exchange rate and Foreign exchange gains (losses) in expenses
Explanation in detail…
The business currency base is Naira, and they paid their suppliers in dollars. Assuming we make a payment to supplier when 1 USD = 1,607.12 NGN on 28-4-2025 and we make a payment of 5000USD equivalent to 8,035,600. Now the exchange rate as increased on 1/5/2025 to 1 USD = 1,700 NGN and we need to make another payment of 1000 USD equivalent to 1,700,000. When I check the liability (Accounts payable) is showing that the supplier owes us 10,200,000NGN, which means the system used the current exchange rate (1700NGN) for the calculation of the money paid, whereas two exchange rate was involved. The initial payment made in Naira was 9,735,600
Please, is there any way to select the exact exchange rate used to make a payment to supplier to avoid this issue or any other means to get the accurate money paid to supplier in Naira instead of using current exchange rate for the division of money paid