AR: How can I contra the debtor and creditor that are in different currencies
Question : System does not allow to contra the records of debtor and creditor that are in different currencies at ARAP Contra. What should I do if I wish to contra Debtor (USD) USD1000 with Creditor (MYR) MYR 4500?
Version : 1.8 / 1.9 / 2.0
1) First, you must deal with both sides (companies) the amount agreed to be offset. For example: Debtor offset USD1000, Creditor offset MYR 4500.
2) Create A/R Credit Note USD 1000 for the Debtor A/C to knock off outstanding invoice. For the “Debit Account” you may choose Contra Account and tick ‘Is Credit Journal’. The currency exchange rate is 4.5000 (Calculation = 4500/1000) as agreed.
3) Create A/P Credit Note MYR 4500 for the Creditor A/C to knock off outstanding invoice, For the “Credit Account” you may choose Contra Account and tick ‘Is Credit Journal’.
4) You may view ledger report of the debtor, the creditor and the contra account, to make sure the offset amount is correct.
By : Soh Wee 180831, Lay Swan 180905, P180913
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