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Opening Balance with Foreign Currency


#1

Hi,

I have just signed up and ready to upload my opeining balance position for my company.

One of my bank accounts is in a foreign currency. I will set up this bank account as a multi currency account.

When I upload my opening position how can the GBP and the Foreign Currency balances be uploaded?

The rate for my foreign currency balance is historic and not the current rate and I need to reflect this in the opening position of the account.

Some advice and steps to do this would be appreciated.

Thanks in advance.


#2

Are you entering all opening balance sheet?


#3

Hi,

Yes I am. I will be looking to upload my trail balance with the P&L cleared down to reserves.

My foreign currency bank account balance needs to be in NOK with the GBP equivilant and reflected in the foreign current account. The otherside of the foreign currency balance can be to the original account I transferred the money from,

Thanks


#4

You just to enter opening balance sheet not full TB. Foreign currency bank account should have GB balance converted at BS date to be included on BS, you can use same exchange rate to use forex as opening balance


#5

Thanks so I have a two step process?
1, Set up the foreign currency account and enter the opening balance
2, After step 1 load the remaining opening balance positions less the foreign currency balance translated to GBP


#6

yep, once you activate forex bank with opening balance system will through other entry in suspense account and when you enter rest of balance sheet dump forex balance to that suspense account , this will balance your journals for opening balance sheet and get rid f suspense too


#7

Thanks let me do that today.


#8

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