Community mailing list archives

Re: Journals, accounts and foreign currency

Ahmed Shaaban
- 05/13/2015 00:39:38


What you said is correct.


On 13 May 2015 07:07, "Fakrudeen Abbaz" <> wrote:


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.

Fakrudeen Abbaz
+ 971 55 66 77 001
Sent from Note III

On May 13, 2015 3:59 AM, "Caudal Eric" <> wrote:
Hi Eva,
All above statements seems correct. 
What is your problem?

2015-05-13 6:22 GMT+08:00 Eva Pinter <>:

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.

Affordable high quality training on

Post to:

+86 186 21 36 16 70

Post to:

Post to: