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

Sonia ConnonSonia Connon Member Posts: 31
edited August 5 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 GJohn G Reckon Staff Posts: 2,288 ✭✭
    edited August 5
    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 ParkerBelinda Parker Member Posts: 4
    edited August 3
    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
  • Acctd4Acctd4 Accredited Partner Posts: 898 ✭✭
    edited August 3

    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

    [email protected]

    www.accounted4bs.com


    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

    [email protected]

    https://www.accounted4bs.com/

  • Belinda ParkerBelinda Parker Member Posts: 4
    edited August 3
    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
  • Acctd4Acctd4 Accredited Partner Posts: 898 ✭✭
    edited August 5

    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

    [email protected]

    www.accounted4bs.com


    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

    [email protected]

    https://www.accounted4bs.com/

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