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Re: Journals, accounts and foreign currencyby
Your question is not clear
I have scenario like.
It's a retail company with 26 outlets
Each outlet have cash and card payments
Then created 26 * 2 journals and accounts
They have 5 banks and 2 pretty cash
For this 7 journals and 7 accounts created
1 bank maintained for foreign currency and local as well
So created 1 more journal with foreign currency and link the 1 bank account linked. Only issue you have to keep secondary currency of account as same as journal currency.
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Hi Eva,All above statements seems correct.What is your problem?Eric2015-05-13 6:22 GMT+08:00 Eva Pinter <email@example.com>:
Hi all,I wanted to know if I am doing something wrong with the journals, accounts and foreign currency1. 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 reconciliation4. 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.--Eric CAUDAL+86 186 21 36 16 70