When a customer has paid and the payment has been allocated to the customer, why is there still a balance left on the customer account and this not processed to the forex gain/loss account automatically.
I have small balances left on most of my customers which has paid in full. The difference is due to exchange rate differences.
I have allocated the payments.
How do I clear these on a monthly basis without having to do a journal in each Customer?
Thanks,
Hi Liza,
These would be automatically taken to the Forex Realised Gains/Losses.
If it hasn't done so I would assume that the receipt hasn't been processed correctly.
If you create a customer invoice, let's say for $500.00 and the customer has paid that in full that means that you will have received $500.00.
If you are using a Rand bank account you would need to make sure that the "Dollar" amount and "Rand" amount show correctly in your banking.
This should automatically adjust your exchange rates.
Below is an invoice processed as at 27/02/2019 for $500 which translates to a Rand amount of R 6,927.99
The customer then subsequently pays me the $500.00 into my Rand bank account. In "Rands" lets say I received R 7,102.95 on 30/04/2019.
I will need to make sure the rand amount stays the same but the Dollar amount needs to be $500.00
Below the Sage Dollar amount is $496.25...
You would need to change this to $500.00 if you are sure the customer paid you in full...
This will then change your exchange rate automatically and the "correct" Gain/Loss will be realised.
Kind Regards
