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Re: Journals, accounts and foreign currency

by
Eric Caudal
- 05/12/2015 19:53:52
Hi Eva,
All above statements seems correct. 
What is your problem?
Eric

2015-05-13 6:22 GMT+08:00 Eva Pinter <epinter@openit.ch>:

Hi all,


I wanted to know if I am doing something wrong with the journals, accounts and foreign currency

1. It’s not possible to pay (using the menu point pay) in a foreign currency if you do not have a journal in that currency.
2. If you want a journal in a foreign currency, you need to have an account in that very currency.
3. Even with an account in foreign currency, you cannot reconcile in foreign currency. The reconciliation is always done in the local currency, creating so exchange differences on each and every single reconciliation
4. If you have an approval concept and use a temporary account on which you first post the payment until the bank/credit institute confirms it, you have to create a corresponding journal and account.
5. If you have multiple payment institute (typically: bank, postbank, paypal, AFEX, FOREX) and work in 3 currencies (EUR, GBP, USD), you will then have to create for each payment institute a 6 GL accounts and 6 journals. So, in my case, 30 GL accounts and journals.

So, I guess, there is (at least) one thing I do wrong. Please help me. 


---
Eva P.

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--
Eric CAUDAL
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