Foreign Currency Bank Accounts

Bank Reconciliation can be run for foreign currency bank accounts. This is where the Currency on the GL account is set to something other than the local currency.

This section only describes the differences in Bank Reconciliation that occur when running it for between foreign currency bank accounts. The Foreign Currency section should be read to understand all functionality provided.

To perform a Bank Reconciliation with a foreign currency:

1. When creating a new reconciliation, having specified the GL Bank account, the system recognises that the account is in foreign currency and makes appropriate changes, e.g. Foreign columns become available.

   

2. The following fields are now displayed in foreign currency:

   • GL Balance

   • Bank Statement Opening Balance

   • Bank Statement Closing Balance

   • Total unreconciled items (bottom of left hand section)

   • Total items on bank statement (bottom of right-hand section)

3. For individual items listed in the grid, the system also displays the local currency value of each transaction. Items ‘reconcile’ or match, if the foreign currency amounts agree.