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LP02book
August 3, 2023
Question

I have an debit balance of SGD-.001 in my Supplier CNY Accounts due to the Difference exchange rate.

  • August 3, 2023
  • 1 reply
  • 0 views

I have a debit balance of -SGD0.01 in my CNY supplier accounts due to the payment of in foreign currency.

How to write it off.  I try to do a Journal entry by debiting to currency gain/loss where should I credit to because my CNY supplier do not have any outstanding Bill but have a debit of SGD0.01 in the balance.

 

Need your help

1 reply

C
Carneil_C
August 3, 2023

Help has arrived, @LP02book. I've got some information to help you write off those balances.

 

I appreciate your initial steps since you're trying to do a Journal Entry. You'll want to seek professional advice from your accountant to ensure the amounts are accurately posted on the correct accounts. They can also guide you on the best process for handling those balances. 

 

If you're not affiliated with one, you can utilize our accountant to look for one in your area.

 

Feel free to visit again in the Community if you have any other concerns about currencies. I'm always here to assist you in any way I can. Take care always.

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