Pastel Partner 50c - Multi currency Deposits Held

Posted By Naomi Coetzee over 2 years ago

Good day,

I have a rather complicated situation. We receive advance deposits in USD which is deposited in our USD Bank account. We also pay out agent commissions in USD from our USD Bank account and I would like to keep record of these advanced deposits and commissions paid in my pastel using the multi currency module. I would like to know what would be the most accurate way to:

1) Record the deposits held in USD per customer

2) Converting deposit held to ZAR once funds are moved from USD Bank account to ZAR Bank account.

3) Recording the expense paid (Commission) in USD in pastel in ZAR.

Any advice would be appreciated. Please bear in mind we do not issue invoices to customers for these deposits as VAT can only be declared once the deposit is utilized which we then do create an invoice for but on another system (Bookings/Reservation) and record the sale via Revenue journals in Pastel.

Regards,

Naomi

0 Mapule over 2 years ago

Good day Naomi,

If you have the Multi-Currency add-on module, you can record the deposits held per customer and the commissions paid in USD . This module allows you to process customers, suppliers and cash book foreign currency transactions in their currencies.

for detailed information on how Multi-Currency works, please refer to the links below:

https://za-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200205014312883&page=1&position=5&q=multi-currency

https://za-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200129163652999&page=1&position=1&q=multi-currency

https://za-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200129175110428&page=1&position=3&q=multi-currency

https://za-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200129165455631&page=1&position=4&q=multi-currency

If you do not have the module, you will need to convert the deposits to ZAR once moved from the USD bank accounts to the ZAR bank account.

Note: The Multi-Currency module is only available in Sage 50c Pastel Partner.

Please verify or reply and let us know if the solution provided helped in resolving your query. To verify an answer simply go to your post and click “More” > “Verify Answer”.

Regards,
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Pastel Partner 50c - Multi currency Deposits Held

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