To view payables and receivables when posting to foreign currency accounts where amounts are shown in foreign and local currency, you have to observe amount of foreign subject's outstanding item. Since the exchange rate used in converting from a foreign to the local currency usually differs in posting of receivable/payable and subsequent payment, it is required to close the document for foreign currency amount and leave it outstanding for ones in the local currency.
Example 1: Closed in Foreign Currency; Outstanding in Local Currency
1. Data
Let us take for example the outstanding items report of document shown in the topic
Posting Exchange Differences of Closed Documents.
Let us say that on June 6th, 2007 you received an invoice from a foreign supplier (Tuji dobavitelj Ltd.) in the amount of €5,000. The then valid exchange rate was $1.30 for €1. The invoice was paid to the supplier on June 29th, 2007 in the amount of €5000. The business bank has charged the outflow according to the then valid exchange rate of $1.4 for €1.
2. Outstanding Items Report (Before Posting Exchange Differences)
Such item is OUTSTANDING since it is not closed in foreign currency or local currency. That is why it is displayed in the outstanding items report, only when assigned the document status Open or All. Below you can see outstanding items report in EUR:
You can display Outstanding items report in currency only by selecting the document status Closed or All since the line is already closed in foreign currency:
Outstanding items reports differ in LCY and FCY criteria. In first case discrepancies in
euro transactions will be looked for individual account, subject, linked document. On the other hand,
foreign currency transactions are looked for in the second case.
The following is displayed in balance overview:
3. Posting Exchange Differences
To close a local currency item you have to automatically post exchange differences.
The following is displayed in balance overview after posting successfully finishes:
4. Outstanding Items Report (After Posting Exchange Differences Completes)
After posting exchange differences, you can display the posted line in the outstanding items list by selecting the document status Closed or All. That is, the document was closed both in local and foreign currency.
Below you can see a detailed report in currency:
Below you can see a detailed report in EUR:
Example 2: Outstanding in Foreign and Local Currency
Let us take for example the outstanding items report of document shown in the topic
Posting Exchange Differences of Open Documents.
On June 6th, 2007 you received an invoice from a foreign supplier (Tuji dobavitelj Ltd.) in the amount of $5,000. The then valid exchange rate was $1.30 for €1. The partial payment of the invoice was made in the amount of $1,000 on June 29th, 2007 according to the exchange rate of $1.30 for €1. The remaining amount of $4,000 is on December 31st, 2007 estimated at $1.50 for €1.
Posting of foreign and local currency posts is peformed for document open on December 31st, 2007.
Outstanding items report made out in currency shows the balance of $4,000. The post is outstanding for €3,131.86 in primary currency amounts.
On December 31st, 2007 perform automatic posting of exchange differences.
Below you can observe the balance overview of posting lines for this account and document after performing posting of exchange differences:
Such item is OUTSTANDING IN LOCAL AND FOREIGN CURRENCY because it is not closed in neither case. Thus it will be displayed in outstanding items report only by selecting the document status Open or All.
Below you can observe a detailed outstanding items report in EUR:
Below you can observe a summary outstanding items report in EUR:
Below you can observe a detailed outstanding items report in currency:
Below you can observe a summary outstanding items report in currency:
Related topics:
For a general description of functions see: