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Hi
I need a solution..
My clients books are in SGD
Client has issued an invoice to its customer in USD
The customer made the payments in part in GBP
How do I account this transaction
Thanks
Manesh
Welcome to the Community, Manesh.
I'll be happy to share the solutions.
First, let's make sure that your multicurrency feature is turned on by following the steps below. Note: When the feature is enabled, turning it off is unavailable.
Here's a sample screenshot for a visual guide:
Next, create a new dummy bank account for the home currency. This is to facilitate the movement between 2 different foreign currencies.
Here's how:
Once done, open the invoice and record the payment. In the Receive Payment page, select the Dummy Bank account from the Deposit To field. Before saving the transaction, take note of the home currency (SGD) amount displayed at the bottom right.
Finally, transfer the money from the Dummy Bank to the GBP bank account. You can read this article for reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.
Please let me know how things go after recording the transactions. I'll be right here to help you out some more. Take care and stay safe!
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