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Sage 50 UK version

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karjv
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Posts: 2
Joined: 07 Aug 2018, 12:04
Sage Version: v2008 14 UK/Europe/Africa

Sage 50 UK version

Post by karjv » 07 Aug 2018, 12:17

Hi,

We are currently using the Sage 50 UK version and we have the below query:
Supplier is our customer at the same time - Supplier (based outside UAE and also have branch in UAE) issue USD invoices and we issue invoices to them in AED currency. The mode of payment on our invoices is by issuing credit note to us. We are trying to work on the Contra entries but we are unable to as they are not same currency. What is the possible solution for this?

Thanks,
Karen

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brucedenney
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Posts: 4040
Joined: 28 Feb 2006, 09:56
Sage Version: v2017 23 UK/Europe/Africa

Re: Sage 50 UK version

Post by brucedenney » 07 Aug 2018, 14:34

There is no easy solution.

You can not offset them against each other.

I suggest you create a "contra" bank account in each currency
Receive payment from their customer account for the Sales invoices
Transfer the Money from currency1 contra bank account to currency2 contra account
Use currecy2 bank contra account to pay the supplier account.

You need to set the exchange rate correctly so that the balance on both contra bank account sis 0 after everything is matched.
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