I really don’t know my topic has been discussed before but i really need for your help that’s why i’m writing to you. Here is my issue,
One of my company is running in China and its base currency is in CNY. (Chinese Yuan/RMB)
I’ve defined some accounts for the VAT deduction and calculated VAT. Related accounts are listed in my chart of accounts. After closing the VAT accounts in the end of months, all amounts are zero as normal. So far it’s ok but my problem is coming after here. Management of the company wants to see their report is in USD type.(All exchange rates are saved day by day) When i change the base currency from CNY to USD , these kind of accounts are giving some balances because of calculation of exchange rates. I couldn’t find any option on manager to make it zero again. If i do it zero by using journal entry,(As currency expense) it would be wrong again when i came back to CNY type.
I would be really pleasure by hearing from you if you know any way to make it in a correct way