Mannlowe Ops - Posting US Payment against Sales Invoice (e.g. JSR)

Case Details

1. Mannlowe India provides services to JSR (CA, USA)
2. JSR pays the invoiced amount (e.g. $13,600) though SWIFT
3. JSR's bank deducts $38 (say) as bank charges
4. Amount in INR is deposited in ICICI Bank at the conversion rate prevailing on the date
5. ICICI Bank charges are deducted as separate deductions

Prequisite - Sales Invoice

1. A sales invoice with following details is created before hand
2. Invoiced Amount - $ 13,600
3. Exchange Rate (say) - 81.05
4. Hence, Account Receivable created - Rs 11,02,280

Creating Payment

1. Create Payment
2. Company Bank Account - ICICI-Revenue-ICICI Bank
3. Paid Amount - $ 13,562
4. Exchange Rate (say) - 82.06
5. Paid Amount - 13562*82.06 = 11,12,897.72 (Will appear authomatically)
6. Change Received Amount to 11,12,897.72
7. Difference Amount will be shown as 13697.62 (in this example) - This is the difference due to exchange rate diffrence NOTE: The amount shown in difference should be entered as it is with sign if negative.
8. Go To "Deduction and Losses"
9. Choose account as "401000 - Foreign Exchange Gain/Loss - MISPL"
10. Enter amount that appears in Difference (e.g.) 13697.62
11. Go To "Transaction ID"
12. Enter bank transaction details and date of transaction
13. Save and Submit

(Follow On) Journal Entry

1. Create 2 rows of entries
2. Click on "Multi Currency" Check box and make 2 entries

1. Go to details of 200000 by clicking on "Edit"
2. Enter following details
3. Party Type - Customer
4. Party - JSR
5. Reference Type - Sales Invoice
6. Reference Name - Choose appropriate Sales Invoice from Drop List
7. Go to details of 401060 and change exchange rate to (say) 82.06
8. Reference Number and Date
9. Difference (e.g. 267.9) will be shown
10. Click on "Make Difference Entry"

1. 1 Row will get added automatically
2. Choose account as "401000 - Foreign Exchange Gain/Loss - MISPL"
3. Confirm Cost Center and Project are entered for Bank Charges and Exchange Gain/Loss Account