Using an encoder with a Beckhoff EL7342

Hi all,
I am looking for a bit of advice if possible.
I am redesigning a machine I used to produce several years ago. Back then, the control system used the Beckhoff KL2552 (5v) motor drive modules. The (5v) refers to the sensor voltage.

The new system is going to use an EL7342 modules. The sensor voltage output is 24v..... My encoders are 5v.

As we are in the inter Christmas period, I cannot get hold of Beckhoff, so was just wondering if anyone knows if the EL7342 is available with a 5v sensor output (Cannot find one on their website, but then again, I cannot find the KL2552 (5v))?

If not, can I ask how everyone else would deal with this? a separate 5v power supply with the grounds commoned?
Potential Divider?
little 'buck' style DC-DC converter in the sensor supply output?
Buck Unit.jpg

Thank You for any comments.
You can use an EL9505 terminal to provide 5V from the 24V power supply. Keep in mind that the EL7342 encoder inputs are for use with "differential" (+A, -A) encoders. So the EL9505 can provide your encoder with 5V supply and the EL7342 will work with 5V inputs, the encoder itself should be a differential output.