My company received a loan in foreign currency amounting to RUB 11 000 000, which at the time of receipt was equal to USD 182,000. A few months later the loan was repaid in full also in RUB but the amount in USD was 179 000 due to exchange rate differences.
Since the base currency of my Manager is USD the discrepancy of USD 3,000 has appeared and the auditor insists that it is posted manually to forex gains (losses) account (but as the developers stated in another thread “the journal entry is impossible to pass because Foreign exchange gains (losses) is an automatic, hard-coded account”).
I understand that the forex gain has automatically been recorded in the relevant account and the RUB Loan account is also in balance, but how can I check whether the account is in balance in USD since the forex gain is not shown in the special account (Loan from XYZ) under control account (RUB Loans Payable Acc).
Appreciate the help!