How to enter foreign transaction when multi-currency set up and apply against Interco loan
The CAD company has multicurrency set up for US transactions. The owner has a personal US visa and uses it for the CAD company foreign expenses. The company has reimbursed the owner by entering a "Enter Bill" from the CAD companies US bank account. However at times advance cheques are issued to be applied against the US transactions. The advance payment is entered as an interloan (shareholder loan) to which the expenses will be applied against. Question, once you receive the receipts and visa statement, how do you enter the US cost transactions against the balance in s/h loan account? Journal Entry seems to only work if in home currency and it will not allow me to select US and enter an exchange rate. Confused. Is there a better way to enter?