USA Two different currency in one vendor id


Joined
Apr 17, 2014
Messages
2
Reaction score
0
Can we key in invoice which is billed in used and latter on for the a different job billed in gbp in the same vendor id
 
Ad

Advertisements

kirby

VIP Member
Joined
May 12, 2011
Messages
1,896
Reaction score
260
Country
United States
No. Whichever currency you use to keep the books in, always use that currency and enter the invoice in your bookkeeping currency. If you do a lot of this consider using a multi-currency bookkeeping system
 
Ad

Advertisements

Counterofbeans

VIP Member
Joined
Aug 5, 2013
Messages
215
Reaction score
25
Country
United States
Sure you can...(as long as your system will handle it)

I'm not so sure I agree with Kirby here. If that was the case, you'd be forcing the user to calculate each foreign currency transaction by hand/outside the system (which increases the chance of error) and I would think you'd want to minimize things of that nature.

For foreign currency transactions, simply tell the system what currency this transaction is, input the amount invoiced (or whatever) and let the system convert it back to the base currency of the "company" that you are in.

By definition, this means that someone, on a timely/periodic basis, must go into the system and update changes in the exchange rate, but that's far easier than having your staff attempt to input numerous transactions and make that calculation by hand...

In other words, let the system do the heavy lifting and make it as easy as possible for your staff
 
Last edited:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top