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Former Member
Dec 04, 2008 at 02:36 AM

LIV posting for exch. rate due to GR

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Hi,

During GR for a foreign curr(FC) against local curr(LC), the entry is :

DR Expense FC$100 LC$200

CR GR FC$100 LC$200

During LIV, the following entry are posted :

CR Vendor FC$100 LC$180

DR GR FC$100 LC$200

CR Expense FC$0 LC$20

Here the strange thing is that since this is due to exch. rate differences, why did it still post the difference back to the expense account and not exch. difference acct? If we want to change to exch. diff acct, how can we do so?

Thanks,

Teo