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Payment using EFT / Cheque payment and automatic allocation process

To pay Woo Dragon and Woo Sun and automatically allocated the payments to the invoices raised, complete the following:

• Open Creditors > Transactions > Payments > EFT / Cheque Payments 
• Press New
• Select Woo Dragon to Woo Sun in the Ranges section

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• Press Select at the lower edge of the screen to retrieve the invoices
• Determine the AUD amount required to discharge the USD liabilities  (in this case the $USD 63,000 required $AUD 73,538.85 to discharge the liability)
• The AUD amount paid to Woo Dragon was 30,000 / 63,000 X  $AUD 73,538.85 which is 35,018.50 - enter 35,018.50 in the Payment Amount column
• The AUD amount paid to Woo Sun was 33,000 / 63,000 X  $AUD 73,538.85 which is 38,520.35 - enter 38,520.35 in the Payment Amount column

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• Press Save
• Press Activate

Journals for the Landed Cost Shipment

Payment made prior to Invoice being received

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• Open Creditors > Transactions > Payments > Payments
• Enter the Invoice No, Date of invoice and due date of the invoice
• Enter the FX amount payable in the Foreign Currency Trans. column for both invoices

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When paying FX creditors, the FX rate will not be the rate listed in the Jiwa FX Currency form ( System Settings > Foreign Exchange > Currencies ) as the bank doing the transfer will provide a spot rate or you may have purchased foreign currency earlier.

Once the FX amount has been entered, change the FX Rate to be as follows:

In this example, say we paid $AU 39,050 to pay the $US 30,000 purchase invoice liability.  The FX Rate would be 0.768245839.Image Added

It has cost  $AUD 73,538.85 to discharge both USD liabilities of $USD 63,000.  Enter the trans amounts as follows:

• For Woo Sun, the AUD amount is 73,538.85  X  33,000 / 63,000  which is 38,520.35
• For Woo Dragon, the AUD amount is 73,538.85  X  30,000 / 63,000  which is 35,018.50   

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The payment will then need to be allocated to the invoices on each Creditors > Maintenance > Transactions tab when the invoices are processed.  Allocation can be made on the basis of FX amounts due.