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There’s 1 Shipment/Invoice in foreign currency and a payment is in functional currency. Payment is part payment.When i apply the part payment to this foreign currency Shipment/Invoice, a round off JV is passed, debiting payables account and crediting Foreign exchange Gain(loss) account. There by the Shipment/Invoice is becomming fully paid. Can you please gv me a suggestion to avoid automatically passing this JV. I understand that if there is any exchange rate difference this JV will be created automatically with exchange difference amount. But, as the payment is partly the whole remaining invoice amount is passed as JV
Thanks in AdvanceAkbar
When you partially applied a payment recorded/posted in functional currency to a multicurrerncy transactions, the entire forex gain/loss will be recognized, when almost 90% for the invoice functional amount has been paid (our peers may provide the exact rule). I understand that this may not be the outcome you are expecting but the work around on this is to void the original payment and record the equivalent amount in the originating currency of the invoice, in this manner when you post and applied this payment, partial forex gain/loss entry will be recognized proportionate to the payment.
Hope this helps,
Thanks a lot.
Today i created some test invoices in foreign currency and create functional currency part payments and applied, its working fine.
Then i tracked for previous invoices so there are some invoice on which i can successfully apply the part payment and rest of the amount will go in due (current trx amount). When i was going around web i found a blog answer that if there is any exchange difference of invoice and on apply date, then it will happen but, i checked the exchange rate both are same.
So, as today i have created some test invoices/payments which was working fine. But some previous invoices/payments for partpayment its going forex gain/loss entry.
Thanks & Regards
If invioce and payment both are in foreign currency with differnet exchange rates(invoice exchange rate 1.5 and payment exchange rate is 1.3), then forex gain/loss will be occur.
If I am not wrong, any one of the transaction is functional, Rounding error may be occur but gain/loss will not occur.
Yes u r right, the distribution type is ROUND. Lets c 1 example :
Functional Currency : AED
Foreign Currency : USD
1 USD = 3.675
Invoice Amount : USD 10,000 = (AED 36,750)
Payment made : AED 14,700 = (USD 4,000)
Invoice created in USD and payment creaded in AED
When i apply, the system will automatically create a JV of amount AED 22,050 (one of the distribution type is PAY and another 1 is ROUND) and invoice go and sit in history with zero current transaction amount.
Exchange rate at the time of invoice and payment is same.
So, this JV should not be raised automatically. For some invoices its working fine means it will not create JV though invoice is in USD and payment is in AED and payment is part payment.
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