How to handle foreign currency opening balances for suppliers
Question asked by Richard Cooper 8 years ago
Lets say I have two suppliers A and B. Both of those suppliers invoice in US dollars.
We are in debit to A at the start of the year thanks to an invoices issued by them in the last few days of the previous year. We are in credit with B at the start of the year thanks to a credit note issued by them in the last few days of the previous year. How do I represent those two opening balances in Clear Books?
The main problem is that there is no way to enter foreign currencies under "Getting Started" > "Debitors" or "Getting Started" > "Creditors".
The next problem is that "Getting Started" > "Debitors" only displays customers not suppliers. So the only way to enter the opening balance for B would be to mark them as a customer (which they are not) or enter the opening balance as a negative amount under "Getting Started" > "Creditors". That creates an odd looking negative invoice rather than a credit note, I'm not sure if that would cause any problems.