Currency Gain/Loss Adjustment
Located in Banking > Currency Gain/Loss Posting: use this posting routine to update the G/L base currency value for non-base banks. This routine creates a journal entry that may be edited from the journal entry screen if necessary. Post this monthly as part of the month end closing.
The balance in the Non-Base Currency bank is exactly what is in the bank, however; its value in base currency may be different. The adjustment will create an automatic posting to the Gain/Loss account based on the system current exchange rate.
If the current exchange rate is incorrect, it may be manually updated. Or go to the Currency List and run the Update Rates option to adjust the exchange rate.
