Exchange rate losses/gains when transferring between usd and gbp accounts

[tc5440]

Hi, when I view one of my USD accounts (WUBS USD Holding Account) in the statement view it shows the balance as $0. If I view the same in the Nominal Code View (WUBS USD Holding Account (1254)) it shows a -ve net value (£15.74). This is due to variations in exchange rate. How do I get this to £0 in the net view without unbalancing the statement in USD? Surely this should be taken up in 7906 Exchange Rate Variance.

[QFMathew]

Hi @tc5440

If you go into the bank account you wish to make the adjustment to, and then click on More Options >> Settings, you’ll see an option to record a currency loss/gain:

This will bring up a journal screen where you simply enter the journal in GBP for the adjustment. So for example, my Euro account is currently showing a balance of €0.00:

But on the chart of accounts it’s showing as £15.00 because of the currency difference:

Recording a journal with as DR 15.00 to the bank account, and CR 15.00 to 7902 Currency Charges, then this rebalances, like so:

And the effect on the COA is as follows:

Hope that helps!

[tc5440]

Worked briliantly. Thanks very much