• Marc
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  • From: California, Philippines
  • Registered: 10/02/2011
  • Posts: 35

Topic: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

We set up the home currency and all the related currency in the local settings using Peso account (PHP)

Under Purchases - Suppliers invoice, every time that we encode transactions on this part for payment and view its corresponding general ledger transactions details an account FOREIGN EXCHANGE GAIN OR LOSS is always appearing.

We are making a Peso to Peso transactions and payment, without using other currency, so there should be no FOREIGN EXCHANGE GAIN OR LOSS

How we can make not to automatically appear the FOREIGN EXCHANGE GAIN OR LOSS in general ledger transactions.

Marc's Website

  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

You can disable the automatic updating of currency calculations in Company setup.

Joe

  • Marc
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  • From: California, Philippines
  • Registered: 10/02/2011
  • Posts: 35

Re: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

The Automatic Revaluation Currency Accounts is disabled (without check) in  the Company Setup before the execution of the said transaction but still the FOREIGN EXCHANGE GAIN OR LOSS accounts in general ledger transactions appears.

Marc's Website

  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

If your currency rate is huge against the domestic currency and the rounding errors are getting big, then you should increase the currency rate decimals in Preference. F.i. to 6 or 8.

/Joe

  • Registered: 08/07/2013
  • Posts: 1

Re: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

We are also encountering similar problem. company currency and customer currency same with automatic revaluation of currency account disabled (unchecked). Still then while posting customer payments large chunk of received amount (90%) is shown under foreign exchange gain head.
Kindly suggest remedial measures.

  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: AUTOMATIC ENTRY OF FOREIGN EXCHANGE IN PURCHASE PAYMENT

@inglobalsoft

This is a bug. Please see topic

/Joe