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Mark_RD
October 18, 2021
Question

Multicurrency pre-payments / deposits

  • October 18, 2021
  • 1 reply
  • 0 views

I have 3 suppliers from whom I purchase services/non-stock items.  Each of the suppliers sells the same thing and I change who I buy from depending on a day-to-day basis. Each of the suppliers charge in USD - I sell in GBP.

 

For each supplier, I am required to deposit funds with them in advance of buying.  The only paperwork I get is the receipt for the deposit.  I can go and download transaction reports but these are not formal bills/receipts.  These receipts usually include a handling or credit card fee which is removed from the deposit. 

 

I've looked at creating Asset accounts as per this page.   Is the best option to create an USD asset account for each supplier and then use the transaction reports as bills or is there a better option.  How should I account for the handling fees.

 

Additionally, the deposits are paid in GBP which means I'm logging receipts in USD which are paid in GBP. Is this simple enough to do?

 

I'd appreciate any advice that is available.

 

Regards,

Mark.

1 reply

P
PaulGs
November 30, 2021

Can you post the payment to creditors so that it briefly shows the supplier owing you then once you enter the bill you should be able to allocate the payment? The purchase invoice could be uplifted for the credit fee you lose.

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