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Foreign Currency Conversion for Summary Journal Entries

This article shows you how to include foreign currency conversion data in summary journal entries and how to view that data.

How to Enable Foreign Currency Conversion

You must first configure the home currency on your tenant. See Foreign Currency Conversion for steps. Once your home currency is configured, additional foreign currency exchange data is automatically included when you create new summary journal entries.

Aggregate Transactions with Different Currencies

You can choose whether you want to generate separate summary journal entries for each currency, or whether you want to aggregate transactions with different currencies into the same summary journal entries. If the transactions are aggregated, all journal entry amounts are shown in your home currency only.

To aggregate transactions for summary journal entries, click your username at the top right and navigate to Finance Settings > Configure Accounting Rules and set "Aggregate transactions with different currencies during a Journal Run" to "Yes". Now when you create journal runs, transactions of all currencies will be aggregated.

Note that journal entries in an accounting period must either all be aggregated or all be unaggregated. You cannot have a mix of aggregated and unaggregated journal entries in the same accounting period.

How to View Foreign Currency Conversion Data

You can view the foreign currency exchange data in summary journal entries in the following places:

  • Summary Journal Entries tab on the Accounting Period page
  • Summary Journal Entry details page
  • Transaction Details file

Each of these is described below.

Summary Journal Entries Tab on the Accounting Period Page

Navigate to Finance > Accounting Periods > Accounting Periods tab and select the accounting period. Click the Summary Journal Entries tab.

The following figure shows summary journal entries for a single foreign currency. When the journal run was created, the "Aggregate transactions with different currencies during a Journal Run setting" was set to No. You can select different currencies from the Currency drop-down menu to view summary journal entries for transactions in that currency.

FX for Summary Journal Entries

The following figure shows summary journal entries for a journal run when the "Aggregate transactions with different currencies during a Journal Run" setting is set to "Yes". The debit and credit amounts from all foreign currencies are aggregated and converted into the home currency.

Summary Journal Entry Details Page

In the Summary Journal Entries tab, click on the name of a summary journal entry to view currency conversion data on its details page.

If you aggregate transactions with different currencies, the journal entry details page displays aggregated amounts in your home currency only.

Transaction Details File

In the Summary Journal Entries tab, click download under the name of a summary journal entry to download its transaction details. See Download Transaction Details.

Transaction Detail with FX

Fields Added to the Transaction Details File

The following table shows the fields that are automatically added to the transaction detail file when foreign currency conversion is enabled.

Field Description

Home Currency

Your home currency.

Exchange Rate

The exchange rate used to convert the transaction currency into your home currency.

Exchange Rate Date

The date used to determine the exchange rate.

Customer Account Currency

The currency used by the customer.

AccountingCodeName (Credit) - Home Currency

The credit amount in your home currency. The AccountingCodeName variable is replaced with the name of the impacted accounting code. The value is the same as the value for the Credit Amount (Home Currency) field.

AccountingCodeName (Debit) - Home Currency

The debit amount in your home currency. The AccountingCodeName variable is replaced with the name of the impacted accounting code. The value is the same as the value for the Debit Amount (Home Currency) field.

Debit Amount (Home Currency)

The debit amount in your home currency.

Credit Amount (Home Currency)

The credit amount in your home currency.

Debit Amount Currency Rounding

The discrepancy caused by rounding the debit amount during currency conversion. Accurate to nine decimal places.

Credit Amount Currency Rounding

The discrepancy caused by rounding the credit amount during currency conversion. Accurate to nine decimal places.

 

Last modified
23:27, 23 Feb 2017

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