Allocate Payments on New Account

Overview. 

To ensure the allocations of Rand Receipts to Euro Invoices works correctly the following steps are to be taken. 

Steps

• Clear the Close off dates for Customer receipts and Customer Forex - Receipt transactions. 

• Navigate to the Ledger, View Customer Account for Hamag - New Account, Set the date filter to No Date and click view. 

Update Existing ZAR Customer Receipts. 

• For each of the Customer Receipt transactions: 

• Open the Transactions, Set the Status to Active. 

• Click Actions > Update Transaction Type.

• In the Popup Window, select Customer Forex - Receipts, and click Update. 

• Once updated, Click Menu > Enable Debit & Credit and set the Credit Account to Suspense - Forex. 

Once done, the Customer Account view in the Ledger should not have any CR transactions.

Create Euro Customer Receipts. 

We need to now create new customer receipt transactions for every Exiting Customer receipt transaction that we updated.

The New Customer receipt transactions will be created at the Euro Amount of the invoice that is to be allocated on the date of the Old Receipt transaction. Note, we will have to update these transactions with the exchange rate as of set date. 

Steps

• In the ledger, Create a new Customer Receipt transaction. 

• Set the Customer to Hamag - New Account. 

• Set the Date and Reference. 

• Set the Euro Amount to the Amount of the invoice to be paid. and set the Exchange rate accordingly.

• Click Menu > Enable Debit & Credit and set the Debit Account to Suspense - Forex. 

• Allocate the correct Invoice.  

These steps are to be repeated for All customer receives. 

Forex Gain/Loss.  

With the Updated, Existing Customer Forex - Receipt transactions crediting the Suspense - Forex account, and the new Customer Receipt transactions debiting the Suspense - Forex Account, the remaining balance will need to be journalized as a forex Gain /Loss. 

We have flagged the Suspense - Forex Account as an Accrual Account, this ensures one can easily see the outstanding balance in your Financial Statements module.