Creditor payments are handled in the finance & administration module..
Creditor payments don’t always match so, this article takes you through the steps to handle those differences. The differences are usually due to exchange rates or bank fees. This article takes you through the steps to handle those differences.
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We owe Studio Commercial Photography $300USD. Workbook has it’s own currency rate which is updated daily (depending on your system) and it expected the amount to come out of the bank to be $455.72. In factHowever, $450.12 came out of the account.
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To change the amount to what was actually received the currency rate needs to be changed to:
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Change the currency from USD to AUD and enter the received amount in the amount field
Either way you enter the journal, this leaves a balance of $5.60 in the amount outstanding
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Finalise as usual
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REMAINDER HANDLING
Go to debtors creditors > debtors creditors list > and select the client (in this case it’s Sephora) > Go to the remainder handling tab >
Here you’ll see the remainder amount (, in this case it’s $47$5.65)60
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In the remainder cost codes column > select the remainder code that applies from the drop down box (, in this case it’s currency difference)
Finalise selection by clicking the finalise selection button
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Add the date of the transaction
Click ok
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This will finalise a journal entry to transfer the balance from the debtor creditor to the currency difference account.
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