Hello all,
I wonder if anyone can assist. My company is based in the EU, so uses EUR as its base currency, however we operate mainly in other currencies (GBP and USD). My question is regarding currency movements on the balance sheet, and if there’s a way to export the movements in their original currencies along with their base currency values.
Perhaps easier if I give an example:
I accrue UK GBP wages in March (for work completed in March) via a GBP journal entry, but don’t pay them until April. The April GBP bank movements are booked against the balance sheet accruals, however as we use monthly exchange rates, there is a currency exposure, and a slight EUR gain or loss depending on how the rates move. This is calculated manually every month by exporting the account to excel, then filtering to find the necessary values and summing to find the difference, then making journal entries to balance the account against fx gains or losses.
That’s all fine, but what would be very useful would be the option to export both the EUR value of each entry AND the original currency value, to be able to ensure that all the liability has been paid in its original currency, and I’m not accidentally booking away differences that aren’t actually fx (e.g. if we’ve accidentally underpaid someone).
Is there an easy way to do this?
Many thanks,
Rob