Bank recon for a All currency account

[Former Member]

Hi Experts

We have a USD bank account that the currency was set to "USD" - we perfomed many external bank reconcilations on this account.

Now we changed the currency on the account to "All currency" . When we try to perform a bank rec, the last balance field gives the USD balance as AUD

How can we get around this?

Thanks

Wendy

Edited by: Wendy Jansz on Jun 8, 2011 8:43 AM

[Former Member]

Hi Gordon

Thank you for your response

My issue is, when the account was USD the ending balance in the bank recon was USD 390,367.38. Now that the account is in all currency, the ending balance should show the converted value of USD 390,367.38 in AUD.

But, it shows AUD 390,367.38 - without conversion. So this doesnt balance with the bank statement.

Any ideas?

Regards

Wendy

[Former Member]

When you convert, system will convert each JE by posting date rate. It can never match the conversion you have done on the whole balance unless the rate is constant number.

A general rule is: never change FC to MC without knowing the consequence.

[Former Member]

Hi All

To solve this i had to reverse all previous reconciliations and redo them. This sorted out the currency mismatch

Thanks for the help

Regards

Wendy

[Former Member]

Hi Wendy,

If AUD is your local currency, that is designed by such way.

All currency account is actually a special LC account. There is no FC any more. All FC will automatically converted to LC immediately upon posting.

If you want to get USD as before, the account has to be USD.

Thanks,

Gordon