reckon foreign currency - does it actually work from a real world perspective?

adrian di marco_7447644

i dont believe reckon foreign currency works simple example 2 bank accts : AUD and USD transfer funds back and forth daily between these 2 bank accts. each day different exchange rates apply by definition there are realized gains / losses happening each day reckon does nothing to record any realized gain/loss even the reckon realized gain/loss report does not show anything in this case reckons answer: use a spreadsheet my answer: you have to be kidding in this day and age

Reckon FAQs

Hi Adrian,

Welcome to the Reckon Community and sorry for the delay in getting back to you.

Your experience is very common among multi-currency users and results from every foreign transaction being marked back to the home currency at the prevailing exchange rate even though no foreign currency movement has occurred.  In effect your bank account (and it happens to Accounts Receivable and Payables as well) builds in foreign currency appreciations and depreciations.  

The Home Currency Adjustment feature allows you to adjust for these effects and to realise any currency gains and losses.  Read about it in the Help Index - just search for "Home Currency".  You start the process at Reports > Multicurrency > Unrealised Gain & Loss

You'll find a guide on the process here.

Hope this helps.


regards,
John