Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

Sarah_Woods
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Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

My accounts were being audited last week and our auditors wanted to know how I came up with a certain amount for unrealised profit/loss on exchange (I have to calculate this manually now, as there's no report in 2019.2).


I had run a Receivables Reconciliation [Summary] report as at 30/06/2019 and exported it to Excel to work out my calculations. I ran this report around 03/07/2019.


The auditor presented me with the same report that she had run that morning, 08/08/2019. The amounts owing on some of the invoices were different! How so? These were the invoices that had been paid between 03/07/2019, when I ran my report, and 08/08/2019, when she ran her report. The amounts listed were now using the FX rate of the payment, not the initial transaction FX rate which is what would be expected.


The kicker, if I check the Display Ageing in Originating Currency, all the invoices that had been paid since 30/06/2019 change to zeroes.

 

I have included comparison screenshots of my Excel reports, run on 03/07/2019, and the same Receivables Reconciliation [Summary] reports, both in AUD and in the originating currencies, run today 14/08/2019.

 

I have checked the Payables Reconciliation Report [Summary] and the [Detail] versions of both these reports and they all give the same result.

 

Is anyone else having this problem?

Can it be fixed please?

 

ReceivablesRec_Comparison.jpgReceivables Reconciliation [Summary] Report Comparison

 

ReceivablesRecFX_Comparison.jpgReceivables Reconciliation [Summary] Report Comparison in Originating Currencies

 

6 REPLIES 6
Experienced User Connockity
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

Hi Sarah,

 

I have just noticed when I receipted payments from customers on two separate days that the 'live' rate was exactly the same.

This has got me really worried.

Seems like something is broken here.

Sarah_Woods
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

I haven't even been watching that!

I didn't trust it enough to turn it on before the end of the financial year, so only hit go on 1 July.

Now you have me worried! I wish I'd never upgraded!

Experienced User Connockity
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

Hi Sarah,

 

I have just found out that 'live' exchange rates only work correctly if you are entering the transaction on the day it took place - so if you are entering a transaction today that is dated the previous day, you will get today's rate if you leave the 'live' rate switched on.

If you usually enter them after the date they took place - which I usually do then you will have to revert back to the old manual method.

Sarah_Woods
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

Ok, that makes sense and it what I would do foreign cash receipted into our AUD account, but is not what I have been doing for cash receipted into our USD account. I don't know if this is going to cause issues or not.
Thanks for the info!

Experienced Cover User Lara10
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

@Sarah_Woodshave you reconciled your foreign exchange accounts yet??? I've had to send my file in for data repair, the expected balance was in the millions (I wish!) .... values on the balance sheet & P&L seem accurate

 

Sarah_Woods
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Re: Accounts Receivable/Payable Reconciliation reports broken when working in multi currency

Yeah, I haven't had any problems with that. Thank goodness!!

I'm looking forward to hearing other quirks Smiley Very Happy

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