nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Journals to adjust foreign currency with home currency has left a balance for each supplier in AP Ag

Sonia Connon

Journals to adjust foreign currency with home currency creditor accounts has left a balance for each supplier in AP Aging Summary report. How can I fix this?

Comments

John G

Hello Sonia,

Thanks for asking.

Please see our guide on Home Currency Adjustments here.

I hope this provides the answers you need.

regards,
John

Belinda Parker_10789948

Hi John,

Following that guide has now left me with balances on the supplier/customer reports. How do we remove these from our Ageing Summary's?

Belinda

Acctd4

Hi Belinda

Are they just small, rounding amounts?

If so, you can either:

GJ them out or
Create invoices/adjustments & bills/bill credits as applicable & allocate them in “Receive Payments” / “Pay Bills” (This one is my preference)

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Belinda Parker_10789948

Hi Shaz,

The largest difference is 1700.

My Balance Sheet reconciles to all 'actual' bills/invoices, however we now show balances against the 'currency adjustment' supplier & customer.

Whether I GJ them out or create an invoice, it will then give me the same initial problem of having a discrepancy between the Balance Sheet and the Ageing Summary's.

Thanks
Belinda

Acctd4

Hi Belinda

Hmmm …. this could be due to the there being no other sale/purchase transactions under these “Names” to balance them out behind the scenes.

Were these transactions posted to Accounts Payable / Accounts Receivable ????

If so, I’d still recommend creating a bill/invoice & allocating these balances to see if that resolves it. This shouldn’t impact your Balance Sheet as the balances should still clear to $ 0.00 ?

I’m wondering if your Name transactions were actually posted to a different income/expense account? If so, that would be why they’re not reflecting as AP / AR on the Balance Sheet.

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Reckon Accounts Hosted Announcements & Important Info

Check out the latest important info & announcements for Reckon Accounts Hosted

Button

View all Reckon software categories 🗃️

Each Reckon software has its own dedicated category on the Community. Click below to browse all categories.

Explore all categories