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How to adjust Forex Gain or Loss in Checks and Payment

  • 4 June 2024
  • 2 replies
  • 37 views

Hi,

Please advise on creating a Checks and Payment transaction that includes Forex Gain/Loss.

Scenario:

The base currency is EUR, and we have a transaction in Bills and Adjustments in GBP.

In the 'Bills and Adjustments' screen, a bill is created with a value of GBP 1200, which converts to EUR 1386.61 using a Forex exchange rate of 1.15551000.

We received two payments in EUR, one for EUR 717.74 and another for EUR 736.93, with a Forex rate of 1.16916.

Due to the excess amount, there is an error showing 'Document out of Balance'. I want to post the excess amount directly from the Cash Account to Forex without affecting the Accounts Payable account.

Thank you.

2 replies

nhatnghetinh
Rank
Userlevel 7
Badge +5

Hi @parveza33 

You can do it in the following ways:

Option 1: in the "Checks and Payments" screen, you pay EUR 1386.61 exactly equal to the debt amount as on the Bill. The remaining amount of EUR 68,058 you record in other income.

Option 2: You buy 1200 GBP with EUR on the “Funds Transfers” screen. You then pay 1200 GBP at the "Checks and Payments" screen. The remaining EUR amount you record in other income.

 

Best Regards,

NNT

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meganfriesen37
Rank
Userlevel 7
Badge +10

You can use the Cross Rate field on the Checks and Payments.  The system will create a default cross rate for you based on the rate in the system at the time that the payment is processed, but you can override that.  See the “processing a payment” section here:

https://help.acumatica.com/(W(3))/Help?ScreenId=ShowWiki&pageid=cce4ab21-e2f5-40d8-b251-f20310cfe621

Megan Friesen, Contego Software Solutions, Canada

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