Method 1 - 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
- 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
- Press Save
- Press Activate
Journals for the Landed Cost Shipment
Method 2 - Payment made prior to Invoice being received
To pay Woo Dragon and Woo Sun ( foreign currency (FX) designated creditors), complete the following:
- 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
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
- Press Save
- Press Activate
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.