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how pay a record Payment of a GRN using a credit card in foreign currency
07-06-2016, 05:25 AM
Post: #1
how pay a record Payment of a GRN using a credit card in foreign currency
Hi all, Just looking for some guidance.

Most purchases orders are made in base currency (CAD).
However we have a few suppliers that need to be paid in USD.

What we have been doing is to pay them by Credit Card.
We issue the PO in USD (and have purchdetails in USD).
We use stdcost for our inventory (CAD).

We match invoice using USD and providing the exchange rate used by the Credit Card. All is good so far. (We figure you have to enter the AP Invoice so you can complete the GRN transaction). The gltrans postings all make sense.

How do we pay the USD invoice and get the balance onto the Credit Card company to pay them? We pay the Credit Card company in CAD since they have already computed the exchange amount and place that charge onto out account.

Thanks.

Bill
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