Vendor Foreign Clearance

Implementation Updated by Implementation

What is Vendor Foreign Clearance?

Vendor Foreign Clearance refers to settlement of foreign vendor accounts.

Overview

User can settle accounts bill to receipt. It will give a number to settlement that is called clearing number. An entry for currency fluctuation will be posted in respective vendor & ledger accounts.

Use Case

Suppose there is firm “XYZ” Ltd. They do lots of transactions with foreign Vendors and due to that they face lots of difficulty to identify which payment belongs to which bill.

With this option, user can clear bill with payment. User can settle multiple documents at one time.

Steps to be performed for clearance of documents.

1.Go to Account Payable

1.1.Go to Transaction-> Click on vendor foreign clearance

2.Select here Vendor and all transaction for that Vendor will reflect there.

2.1.A)Full clearance case->i)In foreign clearance we need to select  equal debit and credit value of foreign currency not INR ii)Difference of foreign currency debit credit should be zero. iii)Save & continue button will appear on screen.  iv) Click on save and bill will be cleared.

B)Simulation for fluctuation entry will appear on screen. Click on save.

C)Check Vendor Ledger-> Both documents are marked cleared. And an entry is posted for currency fluctuation.

2.2.A)Partial Clearance-> i)Selected partial and fill value in foreign currency ii)Click on save & continue.

B)Check Vendor Ledger-> The partial cleared document will appear Yellow colored.

3.If user has wrongly cleared the document then user can revert or cancel the clearing. Select vendor and click on revert button marked in below screen shot.

3.1.Select settlement number and click on revert.

4.If user clears the documents fully then it does not appear in clearance again. But if user wants to see all entries on clearance page then click on “All Records” marked in below screen shot.

How did we do?

Vendor Clearance

Vendor Ledger

Contact