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Simple Conversion System

If necessary, you can have losses and gains on Exchange Rate conversions posted to separate loss and gain Accounts. You can also maintain different loss and gain Accounts for Sales and Purchase Ledger transactions. Alternatively, if your requirement is for a simplified Accounts structure, you can use the same Account in each case.

First, ensure that the Account(s) to be used have been added to the Chart of Accounts. Then, you need to specify the Account that is to be used in each circumstance. You should do this using the 'Exchange Rate' cards of the Account Usage S/L and P/L settings in the Sales and Purchase Ledgers respectively.

The Accounts on this screen that are relevant to Currency users are now described. Except where stated, you can specify separate Accounts for use in a particular circumstance depending on whether the originating transaction comes from the Sales or the Purchase Ledger.

Rate Round Off

Any amounts lost or gained by the rounding process that follows Exchange Rate conversions will be posted to the Account specified here.

Rate Gain, Rate Loss

There will be occasions where a Currency Invoice is raised or received and the Exchange Rate changes before it is paid. When this happens, the amount paid, when converted to your home Currency, may no longer be the same as the outstanding amount. Any difference is posted from the Receipt or Payment to one of these Accounts, depending on whether a gain or loss is involved.

If you are unsure, consult with your auditor/accounting adviser or FirstOffice representative for advice concerning correct Account usage.

!	Check that the Accounts that you use also exist in the Chart of Accounts.

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