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

Sonia Connon
Sonia Connon Member Posts: 31
edited August 2020 in Accounts Hosted
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
    John G Reckon Staff Posts: 1,570 Reckon Staff
    edited August 2020
    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
    Belinda Parker_10789948 Member Posts: 4
    edited August 2020
    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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2020

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Belinda Parker_10789948
    Belinda Parker_10789948 Member Posts: 4
    edited August 2020
    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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2020

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)