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Money Transfer - Foreign Exchange Gain/Loss

Scenario for a export unit (EOU):

1) Sales Invoice is made in USD - lets say rate is 1USD = 49 INR

2) Payment is recieved in USD - lets say rate is 1USD = 50 INR

3) Incomming payment recieved in EEFC (USD) account.

Customer has 2 accounts one for USD and one current account for INR.

System posts a foreign exchnage gain/loss while doing incomming payment, till this point its fine.

Now after few days the customer transfers money (USD) from his EEFC (USD) account to Current (INR) account, on this day of doing money transfer the exchnage rate is say 48, so its expected that system should do entry for foreign exchnage gain/loss again.

Is there a way to do this automatically or manually.

Please advice.

Former Member
replied

Hello,

as far as I understood the issue. You could use the funcition 'Incoming payment' or 'Outgoing payment' and select instead of the customer or supplier the radio button or function 'Account'.

Now if you are doing a posting from account x to y and enter your exchange rate difference for example of 48.

If you run the exchange rate differences. The systems checks the 48 with the rate in the 'Exchange Rates and Index' table (of the posting date of the document). If that differs it will make you a suggestion of an exchange rate posting.

I hope this answer helps.

Best Regards,

Thomas

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