From the Bank Rec you see the money has come in:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP1a.jpg\")
<\/p>\n
Click on [New Journal] for the appropriate transaction line:<\/p>\n
- \n
- Select Journal type: ‘Customer Receipt’<\/li>\n
- This will list all Unpaid Sales Invoices.
\nUnfortunately you cannot search for the Invoice Number, but you can open up another Tab to display unpaid invoices so you can get the right Invoice Number. You can filter by date and amount.<\/li>\n<\/ul>\n![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP3.jpg\")
<\/p>\n- \n
- Journal Type: Customer Receipt<\/li>\n
- Date: the date of the bank transaction<\/li>\n
- Check the Bank Account<\/li>\n
- Receipt Type: whatever you want (but not a Cash type)<\/li>\n
- Payment Adjustment Type: ‘Currency Adjustment
\nThis is very important<\/strong> as this makes the journal apply any currency adjustments required to match the GBP amount<\/li>\n- Currency: GBP<\/li>\n
- Exchange Rate: Leave blank to pickup the exchange rate for the month, setup in ‘Currencies’<\/li>\n
- Leave Customer and Name blank<\/li>\n<\/ul>\n
Identify the correct Sales Invoice and tick the check box:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP4.jpg\")
<\/p>\nThis adds a Journal Item, allowing for currency adjustments:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP5.jpg\")
<\/p>\nThis Remaining Amount is zero so you can [Save] the Journal.<\/p>\n
If you refresh\u00a0\u00a0
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/RefreshListView.jpg\")
\u00a0 the List View you will see that the invoice has been fully paid. If it has not reduced the Outstanding amount, navigate to ‘Sales – CUSTOMER RECEIPTS’ and check the journal has been posted.<\/p>\n![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP6.jpg\")
<\/p>\nThe Postings<\/h3>\n
If you inspect the posting generated for the Invoice you can see the necessary currency adjustments have been posted, along with the Bank Account & Control Account:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP7.jpg\")
<\/p>\n<\/p>\n
<\/div><\/div>\n
<\/p>\n
Reconcile Customer Receipt WITH bank charges<\/h2>\n
The scenario is:<\/p>\n
- \n
- You raise a Sales Invoice for $480 in Jan when the exchange rate is 1.20<\/li>\n
- You receive payment in Feb when the exchange rate is 1.3 but you only receive \u00a3357.62 with \u00a311.61 being foreign currency transaction charges.<\/li>\n<\/ul>\nShow More<\/a><\/p>\n
From the Bank Rec you see the money has come in:<\/p>\n
<\/p>\nClick on [New Journal] for the appropriate transaction line:<\/p>\n
- \n
- Select Journal type: ‘Customer Receipt’<\/li>\n
- This will list all Unpaid Sales Invoices.
\nUnfortunately you cannot search for the Invoice Number, but you can open up another Tab to display unpaid invoices so you can get the right Invoice Number. You can filter by date and amount.<\/li>\n<\/ul>\n![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP8.jpg\")
<\/p>\n- \n
- Journal Type: Customer Receipt<\/li>\n
- Date: the date of the bank transaction<\/li>\n
- Check the Bank Account is correct<\/li>\n
- Receipt Type: whatever you want (but not a Cash type)<\/li>\n
- Payment Adjustment Type: ‘Bank Charges’
\nThis is very important<\/strong> as this makes the journal take into account the bank charges<\/li>\n- Currency: GBP<\/li>\n
- Exchange Rate: Leave blank to pickup the exchange rate for the month, setup in ‘Currencies’<\/li>\n
- Leave Customer and Name blank<\/li>\n<\/ul>\n
Identify the correct Sales Invoice and tick the check box:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP9.jpg\")
<\/p>\nThis adds a Journal Item, allowing for bank charges:<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP10.jpg\")
<\/p>\nThis Remaining Amount is zero so you can [Save] the Journal.<\/p>\n
If you refresh\u00a0\u00a0
\u00a0 the List View you will see that the invoice has been fully paid. If it has not reduced the Outstanding amount, navigate to ‘Sales – CUSTOMER RECEIPTS’ and check the journal has been posted.<\/p>\n<\/p>\nThe Postings<\/h3>\n
If you inspect the posting generated for the Invoice you can see the necessary currency adjustments have been posted.<\/p>\n
Please Note:<\/strong> There is no currency adjustment in this transaction, ‘Bank Charges’ includes both the Fx transaction fees and the gain\/loss from currency variation.<\/p>\n
![\"\"](\"https:\/\/sagefinancialsknowhow.com\/wp-content\/uploads\/2019\/02\/BankRecFxSalesGBP12a.jpg\")
<\/p>\n<\/div><\/div>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Reconcile Customer Receipt with no bank charges The scenario is: You raise a Sales Invoice for $464.91 in Jan when the exchange rate is 1.20 You receive payment in full,\u00a0\u00a3357.62, in Feb when the exchange rate is 1.3. Reconcile Customer Receipt WITH bank charges The scenario is: You raise a Sales Invoice for $480 Read more about Foreign currency receipts using a GBP bank account<\/span>[…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/posts\/565"}],"collection":[{"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/comments?post=565"}],"version-history":[{"count":0,"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/posts\/565\/revisions"}],"wp:attachment":[{"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/media?parent=565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/categories?post=565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sagefinancialsknowhow.com\/wp-json\/wp\/v2\/tags?post=565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}