Apply entries

NavrookieNavrookie Member Posts: 83
Hi all,

I am new to navision, Can apply entries posted with difference in currency, i.e invoice posted in $ but payment given in INR, can that posted. If so how.

Regards,
Arvind
Regards,

Arvind

The Art of Walking in Water is to know Where Stones Are..

Comments

  • ssinglassingla Member Posts: 2,973
    I wonder you would like to do that. Invoice in foreign currency is settled in foreign currency only.
    CA Sandeep Singla
    http://ssdynamics.co.in
  • NavrookieNavrookie Member Posts: 83
    The problem is we have ported the entries in INR as opening entries, now we are posting the payment which comes in $..
    Regards,

    Arvind

    The Art of Walking in Water is to know Where Stones Are..
  • ssinglassingla Member Posts: 2,973
    The opening balances of overseas customer/vendor should be uploaded in the transaction currency if you intend to use the multi-currency feature of NAV.

    Reverse the opening balance of such customer and upload balances in transaction currency after defining the exchange rate for the cut-off date.
    CA Sandeep Singla
    http://ssdynamics.co.in
  • idiotidiot Member Posts: 651
    ssingla wrote:
    I wonder you would like to do that. Invoice in foreign currency is settled in foreign currency only.
    It is a very common practice, especially for tourists who would like to expend all their tourist currencies, which is usually not enough, together with their home currency.
    The reverse happens as well when there are personal & company purchases.
    NAV - Norton Anti Virus

    ERP Consultant (not just Navision) & Navision challenger
  • ssinglassingla Member Posts: 2,973
    idiot wrote:
    ssingla wrote:
    I wonder you would like to do that. Invoice in foreign currency is settled in foreign currency only.
    It is a very common practice, especially for tourists who would like to expend all their tourist currencies, which is usually not enough, together with their home currency.
    The reverse happens as well when there are personal & company purchases.

    I should have mentioned "India" specific requirement. AFAIK Reserve Bank of India does not allow settlement of Foreign Currency bills to be settled in Indian currency
    CA Sandeep Singla
    http://ssdynamics.co.in
  • SavatageSavatage Member Posts: 7,142
    two journal entries :-k

    One entry to wipe out the "offening currency"
    One entry to re-enter the amount in the "correct currency"
    Description: Currency Conversion
  • NavrookieNavrookie Member Posts: 83
    Thanks for ur Valuable Suggestion, The payment transaction have been reversed and reposted in INR.

    Regards,
    Arvind
    Regards,

    Arvind

    The Art of Walking in Water is to know Where Stones Are..
  • ssinglassingla Member Posts: 2,973
    Does that mean that you are not using the multi-currency functionality of Nav
    CA Sandeep Singla
    http://ssdynamics.co.in
  • NavrookieNavrookie Member Posts: 83
    no we are using Multi currency.. the Problem is we have thousand of invoice but only few payment.. so payment can be reversed easily. or is there any other option
    Regards,

    Arvind

    The Art of Walking in Water is to know Where Stones Are..
  • samblue600samblue600 Member Posts: 84
    Hi,

    As mentioned above , if the payment cannot be posted using apply entries in different currency, then what is the use of Appl. Rounding Precision in GL setup.
    If I use Help in the above field it shows "In this field, you can specify the size of the interval that will be allowed as a rounding difference for LCY when you apply entries in LCY to entries in a different currency." So what is the use of the above field.

    Bit confused
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