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.
Solved
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
+14Hi
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
Translate
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?
Translate
+14Hi
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
Translate
+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
Translate
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.