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Foreign Currency Bank/Credit Card Accounts

Overview

GoldFinch can track both GL Amount and Foreign Amount for Foreign Currency Bank/Credit Card accounts.

Setup

To set up Foreign Currency Bank/Credit Card Accounts, navigate to the GL Account page for your Bank/Credit Card. Enter a Foreign Currency Code.

This code must be different from the GL Account’s ISO Currency, which must always be the GL Ledger’s Base Currency Code.

You are allowed to change the Foreign Currency Code only when Amount and Foreign Amount are 0 on the Bank/Credit Card GL Account page.

When posting Customer Receipts/Vendor Payments/General Journals and if all the following conditions are met:

  • The transaction is a foreign currency transaction

  • The Foreign Currency on the Bank account is not blank

Then GoldFinch will populate these three fields on the GL Entry in addition to the GL Amount:

  • Foreign Currency Amount

  • Foreign Currency

  • Currency Factor

GoldFinch automatically maintains the total Foreign Amount on the Bank/Credit Card GL Account page.

Revalue Foreign Currency Amount

Before you close a month, you may want to revalue the Foreign Currency Amount at the Foreign Currency’s month-end exchange rate. To post the difference:

  • Create a General Journal.

  • Enter a General Journal Line for the GL Account that tracks both GL Amount and Foreign Currency Amount.

    • Debit or credit amount should be the difference.

    • Enter the Foreign Currency Code.

    • Enter 0 in the Foreign Amount field.

  • Enter another General Journal Line for the Exchange Rate Gain/Loss GL Account.

  • Then Post.

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