Foreign Currency Accounting

Question asked by Peter 9 years ago

Does your system do any of the following?:

1) Post double entry at transaction currency level (prior to translation to base currency) 2) Report FX positions in a separate FX positions report 3) Allow P/L and B/S to be run in transaction FX currency 4) Maintain period accounting (with month-end close, currency translation to FX position accounts and month-end FX revalution to separate FX revaluation accounts) 5) Facilitate posting of FX trades by manual journal (not leaving it until your bank account cash record comes through) 6) Export double entry transactions to a common file format (csv, excel,etc)

Many thanks

Peter

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2 Replies

Hi Peter

1) No, double entry posting is in base local currency; 2) There is no special FX reporting; 3) No, all formal reporting is in local currency; 4) Basic P&L and Balance sheet reports are on a monthly columnar basis, over user defined period. Foreign currency bank accounts have a revaluation facility enabling an FX adjustment as often as you wish, but all FX adjustments go to one FX account by default. There is, currently, no revaluation facility for trade debtors & creditors, these are handled by manual journals; 5) Journal entries are in local currency only, however bank transactions can be entered manually as they happen, in relevant currencies, without waiting for bank statement import. 6) All transactions can be exported in CSV format.

Hope that's of help.

Cheers Paul

Best answer
9 years ago

Clear, many thanks. P

9 years ago

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