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Former Member
Apr 28, 2009 at 06:08 AM

Accounting entry for foreign currency transactions

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Good Day!

I made a sales invoice with with the following details:

Local Currency Peso (PHP)

System Currency US Dollar (USD)

Vendor Currency in BP Master Data USD

Exchange Rate USD = 50.00

Upon AR Sales Invoice :

AR Invoice BP Currency USD 50.00

Transaction

Service USD 1000

Under Financial accounting entries are as follows:

AR PHP 20.00

Service Income PHP20.00

Should be

AR PHP 50,000.00

Service Income PHP50,000.00

Is there any set up that I was not able to perform that led to wrong amount in accounting side?

Thanks

Sandra