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I am interested, do you ever implemented Acumatica ERP and track accounting advance payments in foreign currency? I mean to track prepayments as a non-monetary assets and not to revalue them. To avoid additional explanations, this guy describes case quite well - http://www.ifrsbox.com/accounting-for-prepayments-in-foreign-currency-ifrs/.
How you account it in Acumatica, because it goes to Currency gain or loss account at the moment when Prepayment is applied to a Bill and prepayment amount is not considered as a cost of item (stock/non-stock).
Any idea how to solve it with some workarounds or/and customization? I will appreciate any help.
Thanks for that link. That's an awesome website. The article does a great job of explaining things by example.
I might be missing something, but it seems like there is no gain/loss to record on the prepayment, only on the AP Bill. So couldn't you just enter the prepayment in your home currency so it doesn't revalue, then enter the AP Bill in the foreign currency so it does revalue?
Hi Tim, thank you for reply. actually the gain and loss transactions is generated by check and payment (prepayment type), when it applies to the actual bill. technically I dont know to which document is refer the batch, but from application side it is prepayment.
On the other hand, what i am asking is that, purchased inventory (stock or non-stock) amount should be defined in base currency with a rate of prepayment(s) which is/are apples to the bill.
Ah, so it generates a gain loss when you apply it to the bill, even if the Prepayment is in the same currency as the Acumatica Company currency?
Hmmm, wish I could help further on this, but my Acumatica foreign currency knowledge is limited. Have you tried a support case with Acumatica?