Bank Reconciliation

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Any foreign currency bank account is reconciled using the exact values that have accumulated in the foreign currency debit and credit columns from the general ledger transaction table. In every respect, reconciling a foreign currency bank account in Jim2 remains exactly the same.

 

Once Multi-Currency is enabled, an additional button is available in the Bank Reconciliation screen (in Edit mode) of the home currency accounts.

 

bankrecicon

 

Info

Logically, the FX G/L button is only active in home currency bank account reconciliations, as gains and losses only occur in home currency.

 

fxglbutton

 

fxcurrency

 

This is used to accommodate small variations that will occur in the home currency bank accounts as a result of rounding issues in foreign currency exchange calculations.

 

Example:

Write a cheque for USD1,000 from the Australian cheque account – Jim2 calculates an equivalent value of AUD1,250 (based on 0.80 exchange rate). The bank statement shows the calculation totalling $1250.03. There is a three cent loss that needs to be recorded.

 

Further information

Multicurrency Definitions

Creditor/Debtor Lists

Adjustments Up/Down

Entering Cheques/Deposits

Transferring Funds

Invoicing and Multicurrency

Calculated Exchange Rate