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How to create a journal entry using FX Bank Account Value

This guide explains how to create a journal entry using FX Bank Account Value in Accountability.

Step by Step Guide:

1. Navigate to ACCOUNTING > General Ledger > Journals.

2. The Search Journals page will be presented.
Click New Journal.

3. 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.

4. Click Journal No.

5. Enter or select the following information:

  • 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.
You can view and edit the FX Bank Account Value by clicking Dissect.

7. Click Save.

Tip: - 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.