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[Kim Dallefeld]

So let me set the stage…
Company is USD
Customer is CAD, Invoices issued in CAD, payments made in CAD to CAD Bank account

How do you correctly post a payment?

We entered the payments into a cash receipts journal, invoices show as CAD
Bank Account line has CAD (but does a calculation to USD)
Journal is out of balance and will not post because of the bank account line’s difference between CAD and USD.

I think the difference is the gain or loss in exchange rate and is a general journal line but why did NAV not calculate this for us? Is it because we did invoices in CAD and received cash in CAD? So that’s a one to one factor.  Since our accounting books are USD, NAV gives us the difference in the balance of the journal.

Foreign currency is not my strong suit….

Thanks for any input that anyone can provide.

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Kim Dallefeld
Kim@Dallefeld.com
Dallefeld Consulting, LLC
2019 NAVUG Board of Advisors
Past NAVUG Board Chairman
NAVUG Programming Committee
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[Val Gameiro]

Hey Kim,

Just a bunch of random thoughts, hoping one will stick.

I’m not an expert on these things, but my first thought is, do you have an account set up for the exchange rate difference?

So long as the Currency Code is CAD, the Amount($) will hold the USD, but the Amount field will hold the CAD. The balancing account should get the value in USD. I’m guessing that’s why it’s complaining.

Have you tried updating the exchange rate? We finally found a free service that works.

Ah, lastly, could it be the decimal precision? Maybe if the exchange rate doesn’t have enough decimals, or something, it’s not getting the expected result.

Sorry, I can’t be more coherent than that. Hope at least it sparks some ideas 🙂

Hugs and thanks for the cool bottle at NAVUG 🙂

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Val Gameiro
Advanced Business Systems, LLC
Implementer/Project Manager
Austin, Texas
former NAVUG Austin Chapter Leader
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[Adam Hacker]

?To build on what Val said, the transaction amount in the Amount field should both be in CAD currency (and CAD currency is specified for the customer and the bank).  The Amount ($) field will display the converted currency amount to your LCY.  I’ve included a screen shot below.

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Adam Hacker
Senior Systems Analysts
Home Hardware Stores Limited
St Jacobs ON
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[Amanda Mayer]

Kim,

Since all the Documents are in CAD, including the payment going to a CAD account, you should be able to post this on a single line. The Balancing account is the CAD Bank Account. 

Let me know if you want to walk through this.

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Amanda Mayer
New View Strategies
Milwaukee WI
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