You’re offline. This is a read only version of the page.
3,812
I am testing Multicurrency Revaluation of a Cash Account in Fabrikam Sample Company.
The Revaluation generated following Journal.
The Function Currency USD shows following:
| Account | Description | Debit | Credit |
| 000-1102-00 | Cash in Bank - Australia | $41.57 | |
| 000-8302-00 | Unrealized Loss on MC Transactions - Australia | $41.57 | |
| Total | $41.57 | $41.57 |
The Originating Currency view shows following:
| Account | Description | Debit | Credit |
| 000-1102-00 | Cash in Bank - Australia | $A0.00 | |
| 000-8302-00 | Unrealized Loss on MC Transactions - Australia | $A0.00 | |
| Total | $A0.00 | $A0.00 |
It shows the error message. "The Currency ID is not selected for this posting Account."
I checked the "Select Account Currencies" window under "Account Maintenance" and the Account "000-8302-00 does not have any currencies selected. So it seems I need to select Australian dollar to resolve the error. However before I change I like to know, why it is requiring us to select currency for this Account. Isn't Revaluation only supposed to update the Functional Currency balance?
Are there any cases where we need to post Foreign Currency amounts into the Realized/Unrealized Gain/Loss Accounts such as 000-8302-00 in Fabrikam Company?
Please share any thought on this. Thanks !!
*This post is locked for comments
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,240
Super User 2024 Season 2
#2
Martin Dráb
230,149
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (