Specifying the Foreign Exchange Account
An account needs to be specified to represent the exchange differences that arise from foreign currency transactions or translations.
Procedure
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On the Account tab, click and then click Settings.
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In the Accounts Number for Reports section, type or select a foreign exchange rounding difference account.
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Click OK.
Notes
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Split-up accounts will automatically use foreign exchange rates of their parents for foreign exchange calculations and balances.
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Consolidated files are likely to have foreign exchange rounding variances. To offset this rounding variance, create a foreign exchange rounding difference account in each entity and repost all entries by selecting Tools | Repair File | Repost all Entries.
