Associate Vendor Credit to the Refund in the Foreign Currency

Posted by CuriousRubik on 24 Jul, 2014

If the vendor sends the refund via cash or check in the currency other than vendor’s currency, we need to record the deposit in vendor’s currency via journal entry

Journal Entry

  • Go to Transactions > Financial > Make Journal Entries
  • Select the Currency, Posting Period and enter Exchange Rate
  • In the first line, if the vendor amount is deposited to a bank account select the bank account and enter the amount in the Debit column
  • In the second line, select the Accounts Payable account and enter the amount in Credit column and click on save.

Associating Vendor Credit to the Journal Entry

  • Go to Transactions > Purchases/Vendors > Pay Single Vendor
  • In A/P Account field select the accounts payable account which should be same as the account selected in the journal entry
  • In the payee field, select the vendor name. The Vendor Credit and Journal entry appears in the bottom of the page.
  • Click on Save

Topics: Accounting

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