Foreign Bank Adjustment: Difference between revisions

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''Menu: GL | Foreign Bank Adjustment...''
''Menu: GL | Foreign Bank Adjustment...''


* To record the double entry related to foreign bank adjustment, eg. FOREX gain/loss for bank account.
'''Purpose:'''
* Enable to print the Foreign Bank Adjustment Voucher.
* To revalue the foreign bank balance
 
* Calculate and post double entry for the unrealize FOREX gain/loss
   
   
==Introduction ==
==Introduction ==


We can use Foreign Bank Adjustment to <b>adjust local balance figure only</b>.  
We can use Foreign Bank Adjustment to <b>revalue the bank balance every end of the month</b>.  
<br />
<br />
Refer this ledger:
Refer this ledger:
::[[File:GL-Foreign Bank Adjustment 1.jpg | 400PX]]
::[[File:GL-Foreign Bank Adjustment 1.jpg | 400PX]]
<br />
<br />
Local Balance is now RM 23,000, you wish to make the local balance become RM 23,500. How to do?
Local Balance is now RM 57,350 and you wish to revalue it using month exchange rate 4.50000 to get the local balance RM 56,250. How to do?


==Foreign Bank Adjustment Entry ==
=Foreign Bank Adjustment Entry ==
1.Click on <b>New</b>
1. Click on <b>New</b>
<br />
2. Enter the date, eg. end of the month
3. Click on '''Bank Revalue button'''
::[[File:GL-Foreign Bank Adjustment 2.jpg]]
<br />
4. Choose the foreign bank, system will get the bank balance from the ledger as per the date.
5. Enter the '''Revalue currency rate''', eg. 4.5000. System will auto calculate the unrealize FOREX gain/loss.
::[[File:GL-Foreign Bank Adjustment 3.jpg]]
<br />
<br />
2.Enter your double entry
6. Click <b>OK</b> to proceed.
::[[File:fba.png]]
<br />
<br />
3.Click on <b>Save</b>
7. Click on <b>Save</b>
::[[File:GL-Foreign Bank Adjustment 4.jpg]]


==Ledger Report ==
==Ledger Report ==
Now, back to ledger report select the <b>Foreign Bank</b> and you will realized that Local Balance had been adjusted to RM 23,500.
After foreign bank adjustment, local bank balance '''has been revalued to RM56,250'''.
<br />
<br />
::[[File:ledger2.png]]
::[[File:GL-Foreign Bank Adjustment 5.jpg]]

Latest revision as of 03:19, 5 October 2022

Menu: GL | Foreign Bank Adjustment...

Purpose:

  • To revalue the foreign bank balance
  • Calculate and post double entry for the unrealize FOREX gain/loss

Introduction

We can use Foreign Bank Adjustment to revalue the bank balance every end of the month.
Refer this ledger:

400PX


Local Balance is now RM 57,350 and you wish to revalue it using month exchange rate 4.50000 to get the local balance RM 56,250. How to do?

Foreign Bank Adjustment Entry =

1. Click on New
2. Enter the date, eg. end of the month 3. Click on Bank Revalue button

GL-Foreign Bank Adjustment 2.jpg


4. Choose the foreign bank, system will get the bank balance from the ledger as per the date. 5. Enter the Revalue currency rate, eg. 4.5000. System will auto calculate the unrealize FOREX gain/loss.

GL-Foreign Bank Adjustment 3.jpg


6. Click OK to proceed.
7. Click on Save

GL-Foreign Bank Adjustment 4.jpg

Ledger Report

After foreign bank adjustment, local bank balance has been revalued to RM56,250.

GL-Foreign Bank Adjustment 5.jpg