Any help?

I have an issue. We trade in multi-currency. We purchase in USD and make the payment from our bank in AED.

When I receive an invoice for USD 1,000 the system considers it as AED 3,685 because of the exchange rate set. Now when I make the payment, the bank has its own exchange rate. So for this payment, if the bank has deducted AED 3,680, that gets accounted as Exchange Gain of AED 5.

The issue is if I make any advance payment to the supplier and if I enter the invoice later, I can go ahead and allocate supplier payment, but there is no way to tell the software that it is full and final payment. The invoice stays as overdue because of the AED 5.

Am I doing something wrong? Is there a way I can enter a balancing Exchange Gain of AED 5 to clear the invoice?

3

(7 replies, posted in Banking and General Ledger)

Thankyou Poncho for your help, but you clearly haven't understood my requirements.

I am trying to track the funds coming into my bank account and going out from my bank account for a particular project. I dont care what that company does or anything to do with their bookkeeping. There will be another set of accountants and they may use different accounting software - out of my scope of work.

At the moment I have an account called HOSPITAL, where I have recorded the credit and debit for this project. Whatever excess debit in this account will be considered as my boss's investment. I can pass a journal at the end to balance the account. But I was wondering if there is a feature where I can track an extra level to know how much each partner is bringing in.

Anyway, thanks for your help. I really appreciate it.

4

(7 replies, posted in Banking and General Ledger)

Yes. We will have nothing to do with bookkeeping for their business. Our interest is only to track the funds coming in and going out for setup of that business. Once the business started, there was nothing more we had to do or record.

For example, let's assume the total initial investment of the project is $400,000 to be equally invested by 4 partners. And we received the following:
Partner B = $95,000
Partner C = $105,000
Partner D = $90,000
------------------------------
Total Received = $290,000
------------------------------

And we spent a total of $400,000 from our company accounts. Hence the difference of $110,000 will be accounted as the investment of Partner A (who is also a partner in our company).

Now when I see the balance sheet, I want to know which partner got how much and the total invested in the project. By having just one account called HOSPITAL, I can know how much I have invested. But keeping tab of who got how much is becoming difficult. Hope this time my explanation makes more sense.


poncho1234 wrote:

Will HOSPITAL be a separate tax paying entity?

5

(7 replies, posted in Banking and General Ledger)

Any ideas or suggestions?

6

(7 replies, posted in Banking and General Ledger)

One of the partners (Partner A) of our company is investing in a new project - Let's call it HOSPITAL. This project has 3 other investors, all equal partners. Since all the purchases/investments are being done by our partner, Partner A has asked everyone to send the money to our account and then we will make the necessary payments on behalf of the HOSPITAL.

Since I do not want these investments/expenses to come into my PL, I am making a new account HOSPITAL under Current Liability. Now when one of the 3 partners brought in money:

HOSPITAL Credit (with Memo as the name of the person investment)
BANK Debit

When we make a payment to suppliers for this project:

HOSPITAL Debit (with Memo as the name of the person investment)
BANK Credit

The balance of this account is the investment brought in by Partner A. Now the problem is tracking the investments made by different partners as I have to go through the Memo and update an external excel sheet.

Is there an easy way to do this, like a sub-account or group with all Partners. So I can account all investments under their name, but all expenses will be accounted to the parent account HOSPITAL. This way the HOSPITAL account will always be balanced.

I dont know if I am doing it right. Any help would be appreciated.

Hi,

I want the system to show me the total cost of the sales I am entering. This information is only for the admin and will not get display/printed on any invoices.

Is there already a way to do that, if not we will need to consider it for future release.

Thanks.
Imran

8

(1 replies, posted in Reporting)

I figured out myself. So if someone is interested, here is what you need to do:

            
            // Print Local Currency if Customer currency is USD
            $rep->NewLine();
            if ($myrow['curr_code'] == "USD")
            {
                $rep->TextCol(3, 6, _("TOTAL INVOICE IN AED"), - 2);
                $price_in_aed = $DisplayTotal * 3.685;
                $price_in_aed = number_format($price_in_aed, 2);
                $rep->TextCol(6, 7, $price_in_aed, -2);
            }   

            // End New Code

9

(1 replies, posted in Reporting)

Hi,

I was looking to make some changes in the printed invoice where I want to print the invoice total in local currency when the customer currency is different from the company currency.

I am looking in the rep107.php file, but I wasn't able to locate how I could put an If condition to check if the two currencies are different. Could anyone point me in the right direction, please.

Thanks.