Embedded Files
Overview
Overview
Forex transactions, or foreign exchange transactions, involve the exchange of one currency for another in the foreign exchange market. These transactions are commonly used for international trade, investment, or travel, allowing entities to buy or sell foreign currencies at agreed exchange rates.
As accounting records are always prepared in a single currency, foreign currencies must be converted to the local currency. However, exchange rate fluctuations mean there are often foreign exchange gains or losses.
In this tutorial, you will learn how to set up QuickEasy BOS Professional to enable multi-currencies, and how to capture foreign exchange gains or losses.
Table of Contents
How to Create Customer Forex Transactions
How to Create Customer Forex Transactions
How to Create Forex Gains or Losses for Customers Automatically
How to Create Forex Gains or Losses for Customers Automatically
Create a Customer Receipt.
If an amount is left over on either the payment or invoice, click the far left column on the line item in the Outstanding (section) and select Record Forex Exchange Gain / Loss from the context menu.
Confirm on the pop-up that you want to record the Forex Gain or Loss.
Change the Status of the transaction to Complete.
Click Save (button).
Click on Links (button - top row) and click the transaction starting with CFX to open the forex transaction.
Change the Status of the Forex Transaction to Complete
Click Save (button).
How to Create Forex Gains or Losses for Customers Manually
How to Create Forex Gains or Losses for Customers Manually
Navigate to the Main Menu > Accounting > Ledger.
Click the arrow on the New (button) > Customer Transactions > Customer Forex Gain (CFX+) or Customer Forex Loss (CFX-).
Enter the Customer Account in the Customer (bar).
Enter the Amount.
Select No VAT.
Allocate the amount to any Outstanding Invoices, Credit Notes or Overpayments.
Change the Status of the transaction to Complete.
Click Save (button).
How to Create Supplier Forex Transactions
How to Create Supplier Forex Transactions
How to Create Forex Gains or Losses for Suppliers Automatically
How to Create Forex Gains or Losses for Suppliers Automatically
Create a Supplier Payment using the Ledger.
If an amount is left over on either the payment or invoice, select the far left column on the line item in the Outstanding (section) and select Record Forex Exchange Gain / Loss.
Confirm on the pop-up that you want to record the Forex Gain or Loss.
Change the Status of the transaction to Complete.
Click Save (button).
Click on Links (button - top row) and click the transaction starting with SFX to open the forex transaction.
Change the Status of the Forex Transaction to Complete.
Click Save (button).
How to Create Forex Gains or Losses for Suppliers Manually
How to Create Forex Gains or Losses for Suppliers Manually
Navigate to the Main Menu > Accounting > Ledger.
Select New (button) > Supplier Transactions > Supplier Forex Gain (SFX+) or Supplier Forex Loss (SFX-).
Enter the Supplier Account in the Supplier (bar).
Enter the Amount.
Select No VAT.
Allocate the amount to any Outstanding Invoices, Debit Notes or Overpayments.
Change the Status of the transaction to Complete.
Click Save (button).
Related Topics
Related Topics
Page updated
Report abuse