Exchange Gain/Loss Journals displaying in Accts Receivable Report

Question

Hi there, does anyone know how I should be processing FX Exchange Gain/Loss journals at End of Year so that they do not remain on the Accounts Receivable ledger, when there is no longer any balance outstanding?

The attached example FX Exchange Gain/Loss journal was processed on 31/03/2021 and then reversed on  01/04/2021, but although they should somehow contra each other out, they have are still appearing in the A/R Aging Zoom, and causing the old inactive customer to appear on the Accounts receivable report years later ..even though there is no balance outstanding.

How can I contra these payments off so that they will disappear from Accts receivable reporting?

Thanks!

Wendy Jones · Answer

Thank you Shaz. The automated transactions do not cause a problem. HCan you tell me how you adjust your foreign currency outstanding balances at end of year to ensure they represent the FX rate as at the last day of the financial year?

Acctd4 · Answer

@Wendy Jones

These are automatic system entries so you can't prevent them but you can either delete them or remove your manual entry & reversal instead.

(I'd suggest copying your Company File to test, or taking screenshots of these GJs first !)

Wendy Jones · Answer

Hi @Tanvi_kataria

Thank you for your response to my question regarding Foreign Exchange adjustments.. Do you have any idea how to stop these journals from appearing on my accounts payable and accounts receivable reports? They continue to appear even though the FX transaction has been reversed, and the balance is NIL. ??