Entering Foreign Currency Journals
You can enter manual journal entries using a currency other than your functional currency.
Note: Review foreign currency account balances using the Foreign Currency Trial Balance Report. Use the Revalue Balances window to revalue balance sheet accounts that are denominated in a foreign currency in accordance with SFAS #52 (U.S.).
To enter a foreign currency journal:
1. Navigate to the Enter Journals window.
2. Enter optional batch information.
3. Enter your journal information, specifying the foreign Currency you want to use for your journal entry.
4. Enter the journal currency conversion information.
- The conversion Date must be within the accounting period you defined for the journal entry. The conversion date is the posting date for the journal entry, and the default is the Effective Date shown in the More Details window.
- The conversion Type can be the Spot, Corporate, or User type, or any conversion type you defined.
- You must enter a conversion Rate if you enter User as the conversion type. If you specify a conversion type other than User, General Ledger automatically enters the daily conversion rate based on the rates you entered in the Daily Rates window.
5. Enter your journal lines, using debit and credit amounts in the foreign currency. General Ledger automatically converts the entry amounts into your functional currency based on the designated conversion rate.
6. Use the scrolling region to review the results of your currency conversion. You can override the Converted Debit and Converted Credit amounts if you enable the user profile option Journals: Allow Multiple Exchange Rates.
See Also
Overview of Multi-Currency Accounting
Entering Journals
Entering Journal Lines
Setting General Ledger Profile Options
Overview (of Average Balance Processing)
