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Adjusted FX using the Adjust Exchange Rate but went to the wrong GL, what should I do?

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Posted on by joshtechsolutions 4,157
Hi Community,
 
I have just adjusted FX using the Adjust Exchange Rate and realized that the values went into the wrong GL codes. Please advise in layman terms, and screenshots if possible, the step by step of what should I do to move those values to the right GL accounts?

Thank you !

 
Categories:
Financial Management
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 69,116 Super User 2024 Season 2 on at
    Adjusted FX using the Adjust Exchange Rate but went to the wrong GL, what should I do?
    The Adjust Exchange Rate function does not support Undo/Cancel. As mentioned by the two experts above, you can only adjust it manually through the General Journal.
    Next time if you are still unsure whether the GL Account is set correctly, it is recommended to test it in a test environment or company first before running it in the production environment.
     
    Hope this helps.
    Thanks.
    ZHU
  • Mustafa Omerbegović Profile Picture
    Mustafa Omerbegović 891 on at
    Adjusted FX using the Adjust Exchange Rate but went to the wrong GL, what should I do?
    Hello,
     
    This is a correct solution that Valentin explained.
     
    You can set up GL accounts for each bank account that has a currency code and posts the amounts to the general ledger account that is specified in the Realized Gains Acc. field or the Realized Losses Acc. field on the Currencies page.
    You can find more information on this link.

  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 22,018 Super User 2024 Season 2 on at
    Adjusted FX using the Adjust Exchange Rate but went to the wrong GL, what should I do?
    You have to manually re-book it to the correct account. To do this, you can use the general journal.
     
    i.e. if the original entry was a debit to GL 1000, then your general journal entry needs to credit GL 1000 for the same amount, and debit the correct GL account instead. 
     

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