Bill Payments with FX

In a multi-currency environment, managing bill payments involves two main options: Simple Matches and Complex Matches. Each method addresses different transaction scenarios, ensuring accurate handling of foreign exchange gains and losses.

Simple Matches

For direct one-to-one matches, apply the cash payment directly in the cash reconciliation.

1. Go to Cash Reconciliation in the main menu.

   
2. Select Bank Account.

3. In the Bank Transactions panel, identify the related transaction, such asABC Company, Inc. on 02/23/2024 for -€1,000.00.

4. In the Rillet Transactions section, look for the matching invoice. For example, the transaction from Slack on 12/15/2023 with the same amount -€1,000.00.

5. Click the Multi Currency Match button.

   

Complex Matches

For partial or multiple matches, first create a Bill Payment on the cash payment date, then match it in the cash reconciliation.

Upon bill payment, journal entries will be recorded to update FX gains/losses from unrealized to realized.

1. Go to Accounts Payable > Bills.

   
2. Locate the invoice you want to pay and click the invoice to open it.

3. In the top right corner of the screen, click the three dots (...) and select Pay Expense.

4. In the Pay Expense window:

   1. Enter the amount (e.g., €500.00).

   2. Select the date (e.g., 02/23/2024).

   3. Ensure to choose the correct account, such as Euro Bank.

5. Click Confirm to save the payment.

   
6. Go to Cash Reconciliation in the main menu.

   
7. Select Reconciliation Date.

8. In the Bank Transactions panel, identify the related transaction, such as ABC Company, Inc. from 02/23/2024 for -€1,000.00.

9. In the Rillet Transactions panel, look for the transactions corresponding to the payments made (e.g., -€541.62 from Slack).

10. Click the Match button.