Bank Reconciliation in foreign currency

marie

Hi,

I am trying to reconcile my USD bank in my CAD company. To have my ledger match my subledger, I am posting the following:

April 1, 2009 at FX:1.26
Account TYpe = Bank USD
Amount = 1000$
Bal Account = GL Account of my Bank USD
(so its a wash to my GL but increases my subledger so they are now equal).

On April 30, I am doing by bank rec: FX = 1.19
My issue is that the bank rec is taking the 1.26 for the GL Entry linked to by subledger and the 1.19 for balancing GL entry (BUT the amount in the GL is really related to the 1.26 exchange rate so GL is good!!!)

So I'm have a difference in my bank reconciliation on that exchange rate and I am unable to post.

Anybody knows a workaround/FIX for this?

(The adjust exchange rate batch did not change anything)

Thank you !!!
Marie

kapil4dynamics

Yeah u must be off by $70 because of loss u will get after exchange batch job. U will have to balance that loss it would have been credit in ur bank entry and dr ur excahnge loss a/c after batch job, u need to balance that. Now in adjustment to ur bank with dr of 70 and cr ur exchange loss with same amount.

This is the only work around and this happened because u posted to subledger directly which u shud never do.

marie

This is the only work around and this happened because u posted to subledger directly which u shud never do.[/quote]

But this is an opening entry, I don't have a choice of posting it this way. If I don't my GL and Bank Card don't match.
How would you post it?

kapil4dynamics

<Edit> Misread the question :oops:

OBS-KK

The below function may help:

General Ledger | Periodic Activities-Bank Account Reconciliations | Functions-Recalc G/L Balance.

addyashwani

Hi there,

I am new to this forum as well to Nav. I have similar question. Trying to reconcile the USD bank account after running the exchange batch but huge difference has showed up. Snippet attached.

Would really appreciate your advice! Thanks in advance!