Hello! Cloud user!
I just noticed our assets gained a lot of value. When I look at it, it seems that manager counted a supplier invoice in ZAR as USD. The supplier is registered as ZAR, purchase invoice is in ZAR, the payment was done in USD and allocated to that purchase invoice.
The purchase invoice is fully paid and manager agrees but in the summary it shows the value of the raw material purchased as USD 1:1 with ZAR.
I hope my explanation makes sense.
If you search the forum you will see that recently a lot of changes have been introduced. Starting point would be to check:
Settings → Foreign Currencies
and for each currency check the Starting exchange rate and the Autofill — Exchange rate
I guess that theses settings will either be empty or show 1:1
@WildTZ can you view purchase invoice and click Journal button? This will show you debits and credits as they were posted to individual accounts.
It shows me all the debits and credits and it’s using the same amount in the foreign currency and the base currency. When I look at the exchange rates the autofill exchange rate is not 1:1 so I don’t know why it posts the ZAR purchases as USD 1:1.
What exchange rate is entered on purchase invoice itself? There should be Exchange Rate field on purchase invoice if invoice is from foreign currency supplier.
I don’t see any exchange rate field on the purchase invoice but on the payment this is the information.
The purchase invoice shows as fully paid.
Which one is your base currency? ZAR or USD?
Our base currency is USD.
OK, if supplier currency is ZAR then there should definitely be exchange rate field on purchase invoice. Can you go to Edit purchase invoice and show screenshot of it? You can blur the figures.
Go to you settings and apply the exchange rates applicable on your supply date.
Yes you are right. When I “edit” the purchase invoice the field is there and it was blank.
Before it would just calculate the exchange rate based on the information entered into the payment.
I prefer the old way. All good now! Thank you!
@ibadlon Exchange Rates list is part of the old implementation which I’m phasing out. New implementation will need to have exchange rates defined on transaction level.