Accounting entry for foreign currency transactions

[Former Member]

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

[former_member187989 · Accepted solution]

Exchange rate posting is Direct or Indirect in Display tab of general settings ?

Jeyakanthan

[Former Member]

Got it. Thanks.

Sandra

[Former Member]

Hi Sandra,

Pls check the USD Exchange Rate in the Exchange Rates and Indexes table.

Regards

Datta Kharat