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  1. Prepayment - Multi-currency

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    submitted  ·  37 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Chris Moody commented  · 

    Also the ability to mark a selection of invoices or bills as paid in your non-base currency. A simple feature that 10 years later is still not possible.
    I am moving to a system called iPlicit.

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    Chris Moody commented  · 

    Two possible resolutions. We take prepayments in Euros which is not our base currency, which is GBP.

    We do it by issuing a credit note to the client, and removing the allocation against the invoice. When they pay the invoice they now have a credit balance, against which we credit future invoices.

    Clunky but it works. It does give you a negative accounts payable and receivable, but we’re used to that.

    Alternatively move to a system called Iplicit. More expensive but much more powerful.

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    Chris Moody commented  · 

    I take advance payments from my clients on all transactions and also make advance payments to suppliers. I am UK based and all my business is in Euros so for me this is a critical issue.

    For @JoshuaWelch below, I currently create a bill and a credit note for the prepayment and then remove the credit allocation from the invoice. When we make the payment we now have a credit with the supplier. When the bill us for any transaction we simply apply the credit to their invoice.

    Chris Moody supported this idea  ·