Currency Problems with NZD

MM_7769277

Hi all, I have major currency problems with NZD (only just recently set up multi-currency).

As you can see from this screen shot, I have an adjustment note worth NZD250.00, but when applied to the invoice, it's converted to NZD315.20 which is throwing out the balance.

I've checked my currency list - NZD exchange rate is 1.000. I've checked the GST - it's 15%. What else can I check? It's very frustrating!

Thanks in advance!

Shane_6461899

Hi,

Start by checking what your home currency is in the preferences under Accounting.  Then check the currency of the customer on the invoice and adjustment note and the currency of the accounts receivable account being used on the invoice.  Are they something different from NZD?  If not, go to the invoice and click on History.  Does it show any payment or anything other than the adjustment note linked to the invoice?

Regards,
Shane.

MM_7769277

Hi Shane,

Home currency is correct - AUD.

Currency of the invoice - and the adjustment note - matches the A/R account - NZD.

Nothing else in history apart from the adjustment note! I even deleted the credit and re-created it, and I got a different amount that time!

Stumped!

Thanks

MM

Shane_6461899

Hi MM,

What about when you click on the history button on the top of the invoice?  Any other payments or credits showing?  And in the history does that credit show as $250 or $315.20?  It sounds to me like there is another payment or credit linked to the invoice for $65.20.

Let me know.

Regards,

Shane.

MM_7769277

Hi Shane,

No history except that one adjustment note. I even deleted the adjustment note AND the invoice and re-created both from scratch. Not only did the discrepancy reappear, but it was a different amount the second time!!

Thanks
MM

MM_7769277

I'll do another one. Test NZD customer and job:



Invoice for 100.00 NZD. Currency, tax code and A/R account is correct:



Adjustment note for 10.00 NZD:



Apply the credit to the invoice... looks good so far....



Then this happens!

MM_7769277

Here's my tax item:



And my Accounts Receivable account:



And my Currency Listing:



Do you think something has corrupted? Should I delete and re-create the tax code perhaps?

MM_7769277

No I haven't, Andrew; but I'd like to. How do I do that?

MM_7769277

OK, data verification / rebuild all done. Got the following message from Reckon:



Deleted the tax invoice and adjustment note, recreated from scratch. Same problem!!!



Where to now??

MM_7769277

Thank you, this might also explain the massive problems we're also having with Exchange Gain and Loss!



Please help, I'm tearing my hair out!

MM_7769277

***UPDATE*** ***SOLVED***

I called up tech support and the amazing Danny talked me through my settings.

Turns out that the TAX ITEM *has* to link to the Australian Taxation Office, NOT the NZ Tax Dept.

Now my currency problems with adjustment notes have cleared up, AND my exchange gain / loss is now zero.

Amazing! What a conundrum!