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How to create a journal entry using FX Bank Account Value

Steps: 

  1. Navigate to ACCOUNTING > General Ledger > Journals. 
  2. The Search Journals page will be presented. 
  3. Click CREATE A NEW JOURNAL. 
  4. In the top right-hand corner of the journal form, you'll see your default office currency for this particular entry. The journal will be posted in this specified currency.
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  5. Enter or select the following information.
    Maria Large Knowledge Base Template -Jul-12-2023-04-01-01-0614-PM

    Field Description
    Description Enter a description.
    Accounting Year Enter or select the accounting year. 
    Month Enter or select a month.
    Office  Enter or select an office (if necessary). 
    GL Account  Enter or select the GL account for your journal entry. 
    GL Bank Account  Enter or Select a GL bank account with a different currency. 
  6. The system will use the FX Rates to post the journal entry in the office currency.
  7. You can view and edit the FX Bank Account Value by clicking DISSECT. 
    Maria Knowledge Base Template-Jul-12-2023-04-22-55-7990-PM
  8. Click SAVE or SAVE & CLOSE. 
  • You will notice that the FX Bank Account Value will be populated on any lines with bank accounts using a different currency than the office default using the FX rates in Accountability. You can use the default rate or override the rate in this field. 
  • The value you enter here will appear on the Bank Reconciliation screen.

To learn more about daily FX Revaluation, click here.