Settings and activity
1 result found
-
141 votes
An error occurred while saving the comment An error occurred while saving the comment 
Alex Hunter
commented
Thought I'd post the below from Xero support in case it helps anyone, but it's not a great workaround for me, that's for sure!
'Currently it's not possible to add a prepayment in a non-base currency in Xero.
In the meantime, you could do one of the following:
If there's no income or tax recording requirement, you can record the payment using an overpayment transaction. This will create a credit in your customer's or supplier's account that can be applied to the invoice or bill once it's generated.
If there's an income or tax recording requirement:
Create a spend or receive money transaction (according to the payment type) in the contact's name, and code it to a 'prepayment' balance sheet type account. This will record the bank account transaction, however it won't show on the customer's statement / supplier's account.
Create a credit note (customer or supplier) coding it to the same prepayment account and using the same tax treatment transaction used in the previous step. This will record the payment on the customer or supplier account.Once the actual invoice or bill is created:
Enter the invoice or bill in the usual manner.
Edit the credit note so that has the same date as the invoice or bill.
Apply the credit note to the invoice or bill.
Create a manual journal to clear any residual balance out of the prepayment account, to Realised Currency Gains/Losses account (default 499).'Alex Hunter
supported this idea
·
Not sure if this helps anyone....
We code foreign currency payments to '620-Prepayment' account and then raise a Credit note for that supplier which is also coded to the same account. We then raise the Bill when the goods arrive and allocate the Credit to that Bill.
We've been using Xero now for 18 months and even with issues like this that seem like they should've been rectified years ago, it's still more user-friendly than Sage!