| Enter Chart of accounts YCCA
Here you will enter the following
Exchange rate difference key: Can be kept blank or you can enter a key with 4 digit e.g. 0001. In case you create this exchange rate key then the same has to be updated in the GL code of the foreign currency account i.e. control data
tab which has the field exchange rate difference key. Only when it is attached the system will revalue the foreign currency account.
Expense account: You need to enter the expense GL code for Unrealized foreign exchange loss. The loss on revaluation is unrealized and will be automatically reversed in the next month e.g. 472002 Unrealized Exchange Gain/Loss – Trade
E/R gains : You need to enter the revenue GL coded for Unrealized Foreign exchange gain. The loss on revaluation is unrealized and will be automatically reversed in the next month e.g. 472002 Unrealized Exchange Gain/Loss – Trade. You can have a separate account or the same account. |
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