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Foreign Currency Transactions

  • 19 October 2023
  • 1 reply
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Hi Everybody, 

Just a simple question as I’m new to Acumatica System. 

We have some AP and AR & Bank transactions in a foreign currency (USD) while our base currency is AUD.  

In our old system we used to run an unrealized gain/loss report and it would tell us to make an adjustment to the AP/AR/Bank account, with the differences taken into a FX Unrealized Reserve GL  in the equity section. 

How do we do that same in Acumatica. Is there a report we run so make the same transaction? 

 

Additionally, how does it calculate the realised gains and losses?

 

Thanks in advance. 

 

Regards, 

HAK

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Best answer by Laura02 19 October 2023, 12:08

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Hello @hassam ,

Welcome to Acumatica Community!

Acumatica automatically records gain/loss on currency exchange when a foreign currency document is paid. In general, the calculation looks at the exchange rate when an invoice or bill is entered versus the exchange rate when it is paid and differences, gain or loss, are posted to the realized gain/loss accounts as configured on the Currency screen.

Look at the settings on USD and AUD Currency to determine the GL Accounts where Gain/Loss is posted.

Did you already read the Acumatica Help section about Currency Rates and Gain/Losses?  If not, that is a great place to start. 

Where to find currency posting accounts and currency help documents

Reports:  General Ledger Trial Balance and Financial reports will show you the balances in the above accounts. You may like to make a specific Financial Report to focus on only the currency accounts that you find listed in Currencies screen.

If GL Balances don’t meet your needs, it will help us to see one example of the report you used in the prior system. Thank you.

Laura

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