Partial Payment Problem

Need help! Please see the below case
Invoice Amount : USD1299.46 x Ex Rate : 7.78 = HKD : 10109.80
1st Settlement : USD1208.80 x Ex Rate : 7.78 = HKD : 9404.46
2nd Settlement : USD90.66 x Ex Rate : 7.78 = HKD : 705.33
Problem : 9404.46 + 705.33 = 10109.79
It has 0.01 different in HKD.
When it comes to T.B. and Aging Report, it has 0.01 different in HKD.
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Since you don't pose any questions, I'll give you some answers.
1) It's rounding. What would the company policy be for problems like that? Follow that policy. There may even be an account for the rounding of payments like that (if you have many). The way to avoid that is to require payment in your currency (seems you are accounting in HKD and not USD).
2) There should be an account (probably in other income/expense) called "currency gain/loss" in which you are able to post the differences in the exchange rate.
3) It's a penny. Hardly material no matter what you do with it.
4) Don't bill the client for .01.
--
Paul Thomas, CPA
snipped-for-privacy@bellsouth.net
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