Foreign currency Bank Account balance

[Mike_James]

Hi @Uwe , your situation is different, and can be resolved by recording a general journal as in the example attached. 

In the current version of AccountRight, the general ledger is entirely in your home currency, eg AUD. So any general journal is also in AUD, and will not affect the USD balance. 

In version 19.x and its predecessors, a journal was also necesary to reflect the true end-of-period balance in the home currency, and you had to put this journal into the exchange account. At least in this version, all the entries are in the same account.

[Uwe]

Hi Mike,

first a big thank you,this works.

MYOB support wasted my time for the past fornight and still couldn't provide a clear answer.

It is counter intuitive. Posting an general journal entry into a foreign currency account  with no affect on the foreign curency balance if posted in the home currency seems a bit of a hack.

So in general, any foreign currency account will require an adjustment at the end of a period to produce a sensible report if there are postings with differing exchange rates!

Regards,

Uwe

Uwe

[Mike_James]

Hi @Uwe , I'm glad it's worked for you. 

You are right, the AUD balance of any foreign currency bank account will always need to be adjusted to the correct AUD/home currency balance for reporting purposes, usually by referring to an appropriate end-of-period exchange rate. This applies no matter how accurate the transaction exchange rates in the period have been.