We do not use multicurrency accounting. Our company simply maintains separate bank accounts for US and Canadian dollar transactions. Periodically however the company transfers monies between the US and Candian accounts. When transfering between US and Canadian accounts there is no way to add or subrtract exchange gains or losses in the service charge area of the transfer form. Either add a line for exchange gain/loss or permit a negative entry. Example:
100,000 from US to Cdn = 106,000 therefore we must account for the 6,000 difference being a CR to US exchange.
by: Wanda H. | over a year ago | Financial Management
Comments
Despite what you say, you are using multi currency accounting with USD and CAD. The system already has a multi currency option. If you choose not to use it then you can't expect proper handling of gains/losses.