Solved

How can the Trial Balance upload function with multi-currency & denominated Cash Accounts?

  • 22 November 2023
  • 2 replies
  • 42 views

Userlevel 2

Corrected Question:  How can the Trial Balance upload function be used with denominated accounts mixed in with the company’s natural currency accounts?  

Using V 23.110.0025

The company currency is MXN and the parent company is USD. Two separate tenants - parent co in one and Mexican in another tenant so that the Mexican localization can be used.  The parent wants one Cash Account in the Mexican company to be USD and the Fixed Asset Accounts to be denominated as well (USD).  I'm trying to upload historical balances.  If I use all MXN in the YTD balance on the Trial Balance Upload, the cash balance is not correct in the USD Cash Account.  If I use USD in the TB upload, the TB does not balance; therefore, won't release.  Suggestions besides journal entries with net changes vs the TB upload with YTD balances?

icon

Best answer by Laura02 22 November 2023, 22:43

View original

2 replies

Badge +16

Hello @jmcclelland95,

I can address part of your question - the Cash side.  All GL balances must be migrated in Base Currency, as a group, to make a balanced trial balance import.

Then we “convert” the some cash accounts after migration as follows.

  1. Set up a temporary Cash account to hold the non-base cash balance in US Dollars.
  2.  Migrate Trial Balances
  3. After trial balances are migrated, set up a new GL Cash account in the non-base currency on the Chart Of Accounts.
  4.  Set up two Cash Accounts in banking (one in each currency, each linked to the GL account of the same currency)
  5.  Transfer from the temporary account (base currency) to the Non-base account using Banking transfers screen.

The transfer will handle the currency translation.

I have no experience with multi-currency fixed assets.

Laura

Userlevel 2

Thank you, Laura. That is a logical solution and similar to the work-around I figured out. Because there are so many denominated accounts, I’ve split the historical TBs into two segments. First I set up two suspense accounts - one in MXN and the second in USD.  The first segment of the historical trial balance posts to all the accounts that are in USD with the balancing entry going to the USD suspense account.  The second trial balance segment posts to all the accounts in MXN with its balancing entry going to the MXN suspense account.  The two suspense accounts balance each other out and are in a special Account Class that is not included on the financial statements.

 

I found out that the non-working Trial Balance upload function in 23.110.0025 is an unresolved known issue (as of 11/22/23).

Reply


About Acumatica ERP system
Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to small and midmarket organizations. Connected Business. Delivered.
© 2008 — 2024  Acumatica, Inc. All rights reserved