Facing Forex gains/losses problem

[Inline]

Hi all, i really need help on this Forex gains/losses problem i am having.

I believe when updating the system this may have caused this because the lock date was set after the audit was completed and nothing was changed, in which everything was okay back then with the value being 74.221 BHD.

Surprisingly some of the Forex gains/losses are higher than the actual transactions and i am unable to find out why.

See images below for easier explanation.

Below is one of the transaction of 30 USD but Forex gains/losses being 36.399 BHD which is equal to 96.45 USD when calculation with the set exchange rate.

Any idea of why this is happening is much appreciated.

Thank you.

[Joe91]

Is your expense claim still outstanding?

Has it been paid?

What is your base currency?

What edition and version of Manager are you using?

What OS are you using?

[Inline]

Hi @Joe91, thanks for replying.

Payer FLA is a partner so the expense claims goes straight to FLA capital account.

Base Currency is BHD.

I am using Manager desktop version 21.4.27

MAC OS Big Sur 11.0.1

For some reason that i cannot identify, all transactions since 2017 until date, the only problem are with these 4 transactions, everything else is 0.001 BHD which is okay.

[Joe91]

delete one of them and re-enter

[Joe91]

You are, of course, many hundreds of versions behind so a forex problem may have been identified and corrected in the meantime

[Joe91]

I setup a Test company and entered an Expense in USD, a foreign currency, for a Capital Account Holder and it all worked as I expected

[Inline]

@Joe91 thank you so much, so simple to do.

I never thought about it trying to delete and re-enter, but look everywhere thinking that the problem was more complex.

It worked, perhaps a small bug happen when updating the versions.

[Inline]

@Joe91 thanks for spending your time helping.

Thumbs up!

[Inline]

@Joe91 now the problem i am facing is what to do with the difference, because it was a glitch in the system since in some entry the system calculated the FOREX as one-to-one, and in some cases one-to-multiple and it was not caught up by the auditor back in time.

See below the entries where the FOREX did not follow USD 2.65 to BHD 1.

Note: before deleting and re-entering i made a backup and now i am comparing what changed.

@lubos you may find this interesting to review, perhaps if this happens again in future.

Thank you.

[Joe91]

You have a choice between restating previous year’s accounts or using a journal entry to adjust the Capital and Retained earnings account in the current year

[Inline]

@Joe91 now the more i investigate, more confuse i get.

Since USD has a fixed FOREX in settings, why there is a huge revaluation difference?

Shouldn’t USD be zero since the exchange rate never changes?

.
Also 3 of the 4 entries i have re-enter is no longer showing Gains/Loss (See updated Summary below)

[Joe91]

If you search the forum you will see that there was a bug in Forex some time ago.

The small Forex changes are because the transactions are split into 2 or more lines and when each line is converted into your base currency there is a rounding difference which is sometimes positive, sometimes negative.

You can drill down on the Reevaluation figure to see how it is calculated

[Joe91]

For the USD balances, you will have to examine the invoices and payments to make sure they all used the correct exchange rate

Same for AED - check the entries in the Accounts Payable - there is a mis-match somewhere