on 03-08-2019 11:55 PM
Hello:
In the A/P Payment Wizard, there is going to be an occasion where a client in Canada is going to be entering an invoice in US Dollars. Today, we noticed that the only way to pay for this invoice in the Payment Wizard is by accessing the Chart of Accounts and modifying the Cash in Bank CAD account to be in "All Currencies".
The client is concerned about this, but I see no workaround. Is there anything wrong with having such an account reflect "All Currencies", so that a Canadian cash account can pay for a US-based invoice?
John
Hi There!
Thank you, for the quick response!
Could you please provide examples through journal entries, as to how this would work?
Thanks, again!
John
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Hello,
Bank Acccount should be maintained in the native country's currency, only then you can do bank reconciliation.
If you have requirement to do foreign currency transactions then create a interim account(with All Currencies) and create manual JE posting, by this way you can record the equivalent native currency as well as you will be able to post the realized currency gain/loss.
Thanks.
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