FrontAccounting forum — journal entry in two currencies

Re: journal entry in two currencies

null@example.com (joe) — Thu, 10 Jul 2008 07:59:30 +0000

Hi again,

These are the rules:

If you enter a Payment or Deposit into a foreign currency account, the bank Inquiry is shown in the Bank Account Currency.

The GL Transaction is shown in domestic currency.

When you make a transfer between a domestic and foreign currency in Bank Transfer you do that in the foreign currency. The Bank Inquiries still show the statement in the Bank Account Currency.

If you want to enter a Journal Entry (as admin), with a line of a foreign currency account, you must calculate the exchange rate by yourself.
The GL accounts are always in the domestic currency.

I hope this clear things a bit

/Joe

Re: journal entry in two currencies

null@example.com (alvin) — Wed, 09 Jul 2008 23:12:31 +0000

OK, so I want to enter a beginning balance, for this the money comes from bank USD and goes into bank GTQ.

Even in bank deposits, the money has to come from somewhere? If I use the transfer method, It still shows in the bank GTQ as USD, how do I get bank GTQ to show the transaction in the right currency?

When I do a bank account reconciliation, I will need to display the the same currency as the bank statement is in.

Re: journal entry in two currencies

null@example.com (joe) — Wed, 09 Jul 2008 20:49:39 +0000

You only have access to bank accounts in journal entry when you are logged in as admin. Admin should have access to enter initial balances as well as other corrections. But, as admin, you should never add lines with non domestic currencies (bank accounts). This makes no sense.
You should use the Payment or Deposit forms for this.

/Joe

journal entry in two currencies

null@example.com (alvin) — Wed, 09 Jul 2008 17:01:45 +0000

How is the best way to make a journal entry balance when the two accounts you use are in two different currencies.