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hello,
In dynamics GP i have an account in which contains transactions with two currencies but their amounts are not in balance. i checked in reporting portal and financial summary inquiry as well , the amounts is not equal .
what can cause that issue and what are the steps needed to finding what is the problem?
thank you
Hello Braw,
It sounds like you are looking at a specific GL account and you do not agree with the account balance when comparing the IQD balance to the USD balance. If you have transactions in both currencies, it may not be a fair comparison, as the IQD balance would only include those transactions in that currency, and the USD balance would include the converted amounts, plus all the other transactions keyed in USD.
I agree with Gavin to use the Account Smartlist to pull all the transactions out of the GL open transaction table (GL20000), and dump it to Excel. Then you can sort out the USD transactions from the IQD transactions. You can eye the exchange rates used to see if any look unreasonable (if the xrate doesn't fluctuate much), and even re-do the math in Excel to verify (provided you included all the correct columns you need). You can spot check a few exchange rates, but I don't think it's necessary to check all if they look reasonable. So working in Excel with just the IQD journal entries for this account may give you more insight.
It's hard to speculate when we don't know what you are looking at, but I hope those tips help.
Cheryl W.
Dynamics GP Support
Hi,
how can i know if there is any issue with the exchange rates because i did not entered the transaction? and should i compare to the exchange table hat is used and compare the rates based on the dates?
Hi,
You can list out the transactions that have hit that GL code using a smartlist on "Account Transactions". Just add the columns "Originating Debit", "Originating Credit", "Currency ID", "Exchange Rate". This should help identify any transactions with incorrect rates that are skewing things.
Please note when I have seen big differences between the functional and originating currencies on an account it has been caused by journals posted in the functional currency only. For example consider this scenario
Journal 1 posted for $100 at a rate of 1.1 is CAD110
Journal 2 posted for $200 in USD only (no currency)
If you look at the balance on the account it will show $300 and a originating balance of CAD110. This looks totally wrong.
Just a thought.
Thanks
Gavin
hello Nicole,
i am looking at the (Account Ledger Report) in reporting portal and the issue is not the amounts being incorrect the issue is that account has some transactions in IQD currency and my functional currency is USD and as you know GP automatically saves transactions in both originating and functional currency. and for the year 2020 the IQD balance of that account is -500 IQD but when the system translated that amounts to USD it is $3,123.11 as you can tall they are not in balance and the issue is due to exchange rates. so how can i know which transactions are causing the difference and how can i make changes to balance them? my GP version is 16.00.0552 (R2)
Hi Braw-
Thank you for your post.
Could you specify what report (reporting portal) and which Inquiry window you are looking at? I understand that they are not consistent with each other, is there one that you believe is correct? When is the last time you performed Reconcile in General Ledger? Does the Trial Balance in General Ledger match either of the two referenced areas?
Could you also provide the build of Microsoft Dynamics GP you are using?
We look forward to your update.
Wishing you and yours healthy and happy days ahead!
Nicole Fiskum
Microsoft Dynamics
Support Engineer
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