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Sage 50 UK query

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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 query

Post by karjv » 07 Aug 2018, 12:32

Hi,

We are having Supplier and they are also our customer as we do some services for them.
Supplier issue USD invoice and we issue AED invoice to them as we are issuing in their local office.

We are trying to offset this using the Contra entries and it is not allowing us as they are different currency.
Is there any possible solution for this?

More so, are we not able to post journal entries for non-base currency account?
as I am trying to post an entry for USD account and it is not allowing me.

Appreciate your kind assistance.

Thanks and Best Regards,
Karen

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brucedenney
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Posts: 4029
Joined: 28 Feb 2006, 09:56
Sage Version: v2017 23 UK/Europe/Africa

Re: Sage 50 UK query

Post by brucedenney » 07 Aug 2018, 14:35

Hi Karen

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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