Dears,
Could you help me with the below;
On 30th Sept I have accrued an expense of EUR 100 equivalent to USD 88.
On Oct 15, I received actual invoice for the same amount of EUR 100, USD equivalent however is $85 (USD being my reporting currency) and thus I have the below entries;
30 Sept Foreign Currency Local Currency
Dr Expense EUR 100 USD 88
Cr Accruals EUR 100 USD 88
#
15 Oct
Dr Accruals EUR 100 USD 88
Cr Supplier X EUR 100 USD 85
Cr Forex 0 3
Are the above entries correct?
TIA.
Could you help me with the below;
On 30th Sept I have accrued an expense of EUR 100 equivalent to USD 88.
On Oct 15, I received actual invoice for the same amount of EUR 100, USD equivalent however is $85 (USD being my reporting currency) and thus I have the below entries;
30 Sept Foreign Currency Local Currency
Dr Expense EUR 100 USD 88
Cr Accruals EUR 100 USD 88
#
15 Oct
Dr Accruals EUR 100 USD 88
Cr Supplier X EUR 100 USD 85
Cr Forex 0 3
Are the above entries correct?
TIA.