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foreign exchange problem

Hi,

Our local currency is RMB, and there is one bank acocunt set up as USD.

The case is like that, this bank account receive 10USD, equal 80 CNY in July for exmaple, then pay 10USD, equal 70 CNY in Aug.

Then if check this bank account, the USD balance is zero, but the RMB balance is 10CNY, the accounting people is unhappy with this, but in my view, it is normal.

Any one have this issue before, what is the best pratice?

Thanks

Former Member
Former Member replied

Hi,

Our local currency is RMB, and there is one bank acocunt set up as USD.

The case is like that, this bank account receive 10USD, equal 80 CNY in July for exmaple, then pay 10USD, equal 70 CNY in Aug.

Then if check this bank account, the USD balance is zero, but the RMB balance is 10CNY, the accounting people is unhappy with this, but in my view, it is normal.

Any one have this issue before, what is the best pratice?

Thanks

Reply :

Accounting is perfect. The result is Account is cleared in Foreign currency and not in local currency.

You need to do a clearing in foreign currency to clear off this account - the difference will get posted to Exchange Loss/Gain account - as the case may be.

Please use the program :

F13E - With Specification of Clearing Currency

I think this will solve the problem of accounts also.

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