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.
For Woo Sun the transaction tab prior to allocation will appear as follows:
- Press the lookup button next to Unallocated Amount in the Creditor Payments and Allocations window and type in 33,000 in This FX Allocation Amount column
- Press OK and the $38,520.35 payment will be allocated to fully discharge the $USD 33,000 invoice raised.
After allocation the transaction tab will appear as follows for Woo Sun:
