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Feb 18, 2009 at 06:28 AM

Different LC amount for same exchange rate at Incoming & Outgoing payment

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Hi

I have created an incoming and outgoing payment separately. One of the amount is the same between Incoming and Outgoing payment with same currency and same exchange rate, but system generated LC amount with a rounding difference of SGD 0.01. Example, in incoming payment, the double entry is:

Dr AP/AR Contra account USD $ 294,318.00 __*SGD $ 442,065.64*__

Cr Customer USD $ 294,318.00 SGD $ 440,289.64

Cr Exchange Gain/Loss SGD $ 1,776.00

For outgoing payment, if the exchange is the same as 1.512, the system generated double entry below:

Dr Supplier USD $ 864,624.53 SGD $ 1,271,084.52

Dr Exchange Gain/Loss SGD $ 27,581.52

Cr Cash At Bank USD $ 570,306.53 SGD $ 856,600.41

Cr AR/AP Contra A/C USD $ 294,318.00 __*SGD $ 442,065.63*__

As you can see from the sample above, AP/AR Contra account is generated as 442,065.64 in Incoming payment whereas for the same rate and same posting date, the system generated different LC amount in Outgoing payment to 442,065.63, there is a 0.01 difference.

Why is that so? Why same exchange rate and FC amount will resulted in different SGD amount? Anybody know whether there is any workaround to solve this problem? Thanks.

Regards,

MH