AR: How can I contra the debtor and creditor that are in different currencies

A1.1 : 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


Answer :

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.

Arapcontra1.jpg


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’.

Arapcontra2.jpg


4) You may view ledger report of the debtor, the creditor and the contra account, to make sure the offset amount is correct.

Arapcontra3.jpg


--Source from AutoCount Wiki --

    • Related Articles

    • A1.17 : AR: Where to set default Multi Pricing for Debtor

      Question : I’ve maintain Multi Price at Stock Item Maintenance. Where can I set default Multi Pricing for each Debtor? Answer : 1) Go to AR > Debtor Maintenance, edit the Debtor and go to Others Tab. You may assign the Multi Pricing and click on ...

    • A1.14 : ARAP Contra

      Question: When I try to save a new ARAP Contra, an error message prompted "TempAccNo is empty". What does it mean? What should I do? Version: 1.8 / 1.9 / 2.0 Possible Reason: The default setting of "AR & AP Contra Temporary Account" has not been ...

    • A1.13 : AR: Debtor Statement - Send batch mail

      Question: How to send batch mail of Debtor Statement to multiple debtors simultaneously? Version: 1.8 / 1.9 / 2.0 Answer: AutoCount do have batch mail function for Debtor Statement Report. You may look for Batch Mail button in Debtor Statement ...

    • A4.10 : How to Add Branches & Tax Exemption for Debtor or Creditor in AOTG

      Question : I want to add branches and tax exemption for Debtor through AOTG, but when I edit the Debtor I can’t find the Branches and Tax Exemption field. How can I add it? Answer : Layout of AOTG and Desktop AutoCount are different. 1) In AOTG, you ...

    • Autocount : Debtor Maintenance

      Debtor Maintenance This is to maintain debtor account. Go to A/R > Debtor Maintenance Debtor listing will be displayed. Click on Create a New Debtor, Control Account: choose the control account for this debtor Debtor Type: select a debtor type (for ...