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

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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?
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Sonia Connon

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Posted 3 years ago

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John G, Information Support Analyst

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Hello Sonia,

Thanks for asking.

Please see our guide on Home Currency Adjustments here.

I hope this provides the answers you need.


regards,
John
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Belinda Parker

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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
(Edited)

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


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Belinda Parker

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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

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