Hi, I have noticed that the FX bank balance on Bank Management dashboard is correct, but it is not getting converted correctly to the Balance Sheet. The EURGBP exchange rate being used is way off what is used for new invoices. What could be behind this, and how can I fix? Thanks, Somil
Hello Somil
The bank balance is calculated by adding up all the transactions at the respective exchange rates reported daily from (xe.com
It looks like the transactions on that bank are all paying invoice to 1 supplier, you can see these invoices and the rates applied here
You can revalue the bank at an up to date rate by using the record currency gain/loss option in the foreign bank please see the link below
Thanks, the concept is clear now.
So when I try to “record currency gain/loss” [Banking > All Bank Accounts > Go to foreign currency account > Click Options > Select Account Settings], the journal entry proposed has no calculated values. Am I doing something wrong? Thanks, Somil
Hello @Somil_Goyal
No, thats correct.
The journal will consist of two lines allowing you to move the balance from the bank account to code 7902 (Currency Charges). When committed, the balance as expressed in the foreign currency will be unaffected but the native currency value (visible in your Chart of Accounts and general ledgers) will be adjusted by the amount specified.
You can enter the bank code and the 7902 code and the GBP value you are wanting to move.
We are looking into a way to pre populate this based on todays currency from XE.com. this was not done previously as people tend do these revaluations at their respective year end dates.
Thanks Steve. All done!
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