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How to handle foreign currency opening balances for suppliers

Question asked by Richard Cooper 6 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.

1 Reply

Hi Richard,

Creating multi currency invoices invoices from the Getting started menu is a system limitation at the moment. This will be addressed by our development team in future.

The best way to get around this is to create a (temporary) reporting period on the Settings > Periods menu to cover the dates of your opening balances. Once this is done head to Purchases > Bills to create the outstanding multi currency bill, and then head to Purchases > Credit notes to create the opening credit.

Once this is complete head back to Settings > Periods to delete the temporary period you created earlier on.

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