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782Our customer is required to pay a membership fee in USD.
Their pay-out bank currency is EUR.
Accounting currency of legal entity is EUR.
The journal lines should be:
Dr. membership fee (Expense account) in USD 1,000
Cr. Bank in EUR $846 (exchange rate in legal entity is USD 1000 = EUR 846)
They paid the membership fee on 1-Jul.
At month end, they receive a bank statement.
In the bank statement, they know the actual payment amount in EUR with actual exchange rate (e.g. USD 1000 = EUR 840) and bank charge (e.g. EUR 10).
They receive the bank statement on 29-Jul.
Q1. When should they post a payment journal? Post it when they pay? or when they receive a bank statement?
Q2. If they should post the payment journal when they pay, how to handle the exchange rate issue?
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