Foreign currency Supplier Payments using a GBP bank account

Reconcile Supplier Payments with no bank charges

The scenario is:

  • You add a Purchase Invoice for $5,340.70 in Jan when the exchange rate is 1.20
  • You pay the supplier in full, £4,104.00, in Feb and are quoted an exchange rate of 1.30134 by the bank.

 

Reconcile Supplier Payments WITH bank charges

The scenario is:

  • You add a Purchase Invoice for $5,328.34 in Jan when the exchange rate is 1.20
  • You pay the supplier in Feb when the exchange rate of 1.30 which equates to £4,098.72 but the bank charges you £5.28 transaction fees giving a total on the bank statement of £4,104.00

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *