Clearing Foreign Currency Amounts in VAT GL Accounts

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Posted on by barryclarke

Hi all,

My scenario is that we have a tax authority where we settle in DKK, and our sales come in via a GL feed (not on invoices). A lot of these come in with EUR. When we settle and post the VAT, it clears out the amounts in DKK converted from EUR only and leaves the EUR balances in the GL input/output accounts.

When we run revaluation (admittedly we can stop doing that) it gives us the issue of an ever growing revaluation amount, as well as a problem where we can never clear the DKK amounts out of the GL. Even if we didnt run the revaluation, it will still incorrectly show a EUR balance has actually been cleared out

Has anyone come across this issue and what have they done to clear these foreign currency balances out of the GL balance of the input/output account.

Many thanks

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nunomaia 25 Moderator on at

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RE: Clearing Foreign Currency Amounts in VAT GL Accounts

That's a tricky question.Technically you could exclude that accounts from revaluation by excluding account , by disabling "Foreign currency revaluation"

If you are entering values in DKK and also in EUR in the same account, if you get a Balance by currency, you have balances by currency.

You get account balance, converted to accounting currency, you don't get zero value ?

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