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.

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.

Reply to this question

Attach images by dragging and dropping or upload

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are