Hello everyone. So, I wan to import journal transactions for the Trial balance, base our currency is IDR. So, I got the data of the TB amount is using base currency (IDR) but there is one cash account that i set to USD (The Cash Account is from Account Bank and the transactions of bank is using USD). What should I do if i want to import the Journal Transactions if there’s one cash account that i set to USD (not base currency). Please help to give the explanation and guide of the importing trial balance using Journal Transactions. Thank you.
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Import Journal Transactions for Trial Balance but There's 1 Cash Account use Other Currency
Best answer by nhatnghetinh
Hi
In your scenario, where you are importing Trial Balance data and one Cash Account uses a foreign currency (USD) while the base currency is IDR, the recommended and safest approach is to separate Journal Transactions by currency.
Key Principle. You should:
+ Create one Journal Transaction for IDR accounts
+ Create another Journal Transaction for USD accounts
+ Use Opening Balance accounts (clearing accounts) for each currency to keep journals balanced.
This ensures the system correctly handles currency and exchange rate calculations.
Best Regards,
NNT
+13Hi
In your scenario, where you are importing Trial Balance data and one Cash Account uses a foreign currency (USD) while the base currency is IDR, the recommended and safest approach is to separate Journal Transactions by currency.
Key Principle. You should:
+ Create one Journal Transaction for IDR accounts
+ Create another Journal Transaction for USD accounts
+ Use Opening Balance accounts (clearing accounts) for each currency to keep journals balanced.
This ensures the system correctly handles currency and exchange rate calculations.
Best Regards,
NNT
Hi
Lets say I Import the trial balance uses Journal Transactions for IDR Accounts.
and after all the data of IDR accounts up to Acumatica, I start to import the trial balance uses Journal Transactions for USD accounts, is that correct?
+13Hi
Yes, To be safe after you import the Journal Transactions do not Release. Please check if the Credit & Debit balances in the Transaction Journals match the trial balance => Only then should you release the data.
Note that you may need to use opening balance accounts (clearing accounts) for each currency to keep journals balanced.
Best Regards,
NNT
+20Hello.
In addition to NNT’s suggestions, another option that I have used successfully:
- Set up an extra cash account denominated IDR in GL and in Banking, representing “Future US$” account figure.
- Import all trial balance figures in IDR.
- For each month that was migrated, use Fund Transfer screen in Banking to move Future US$ account balance out of the temporary IDR cash account and into the real USD$-denominated Banking Cash Account. Use proper month-end dates and exchange rates for the month on the Fund Transfer.
- When all money is moved and translated to the USD$ Bank Account, inactivate the temporary extra account denominated IDR.
I hope this helps you.
Laura
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