Account Receivables & Account Payable with Balace uncleared

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Dear fellow Managers,

all my invoices and purchase bills are paid in full. due to the foreign exchange rate, there are still uncleared balance. how to adjust this? kindly help.

Regards,

Vivien

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Go to reports and select “Currency Revaluation Worksheet” at the end. Create a new worksheet and look for any gains/losses. from there you can whats causing the difference. And from there you can create currency revaluation transaction which should settle your accounts.
Also activate the Currency Revaluations tab.

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wow. thanks a lot for the reply.

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however, after i select the tab, i don’t know how to use it. after i selected the Accounts receivable and Account Payables, there are none to reveal. do let me know how to use this tab.

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Can you show Currency Revaluation worksheet?

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this u mean? i dont have currency revaluation work sheet.

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Go to Reports. Then Foreign currency revaluation worksheet.
Create a new worksheet, select todays date.

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got it.

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but this exchange gain doesn’t tally with my AR AP outstanding balance. how to reconcile?

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You didnt follow my instructions and instead of creating a New Currency revaluation directly from the worksheet you are doing it through Journal Entry.
Then how can we know where is the issue?

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i created the work sheet then i don’t know the next step. please enlighten me. the journal created before the work sheet.

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First of all Delete that Journal Entry.
Then

At the bottom of this worksheet you will find a New Currency Revaluation button,

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Click this. It will fill out the new currency revaluation transaction automatically.
I suggest dont change any figures as you are not that familiar with it.

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perfect! done! thanks a million! happy managering!