Non-Base Journal Entry
There are two Exchange Rate options for posting a Journal Entry in non-base currency. These two options will appear when a non-base currency is selected. Select from “Use rate to calculate other amount” or “Use amounts to calculate rate”.
Use rate to calculate other amount
The Use rate to calculate other amount option will display the non-base currency amounts only and the base amounts will be calculated as lines are added. Two rate boxes will be displayed with this option.
Use Rate
When creating a new Journal Entry, this box will display the current exchange rate in effect for the currency selected. This may be changed if desired. All Journal Entry lines will post using this exchange rate. For existing Journal Entries, this is the exchange rate that was used at the time of the posting.
Current Rate
The Current Rate option will display the current exchange rate in effect for the currency selected. For existing Journal Entries, this option will not be visible. If there is a difference due to rounding, a message at Save will alert the User that a currency conversion adjustment will be made to the Gains/Losses account.
Use amounts to calculate rate
If Use amounts to calculate rate is used, the Exchange Use Rate and Current Rate options will not be available. The User will enter both the credit and debit sides of both currencies. The difference in the base and non-base will determine the exchange rate.
If the currency or the Exchange Rate option is changed after lines have been entered, the user will be alerted that “This change will set all debits and credits to 0” If the User selects yes, the Journal Entry lines will be updated with a zero amount. If the User selects no, the Journal Entry line amounts will remain as is.