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Hi:
What is the difference between the "Amount" and "Amount ($)" fields in General Journals (i.e., journal entries)?
Is it required to fill in both?
Thanks!
John
Hi,
Amount field indicates--> Specifies the total amount that the journal line consists of.
Amount LCY indicates --> Specifies the total amount in local currency that the journal line consists of.
Regards
Amit Sharma
linkedin.com/in/amit-sharma-94542440/
Press YES if info is useful.
Just adding to Kim's excellent explanation.
If you enter a transaction in a foreign currency and use the amount field for the currency amount and you also have a given amount for that transaction in your local currency you can enter the fixed amount in the LCY amount field. And the system will calculate the exchange rate based on the two amounts you have entered.
Its a good function to use when you have paid something in a foreign currency and you have the bank transactions also show the corresponding amount in LCY.
John the reason there are two fields is for situations where you need to record things in different currencies so for example a customer ledger entry might be in euros and you need to see the dollars. I recently assisted a customer where the company was GBP the customer was US dollars and the bank was euros anyway they were three different currencies it was an inter/ company involved and we need to be able to see the currencies to figure out everything we needed to do. If you were operating in one currency you can use either field you do not have to do both. You could also use the debit and credit fields instead of the amount field totally up to you.
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