Like other legacy users, I now must specify a base currency if I want to see $ symbols on invoices, etc. This is because the old Currency Prefix/Suffix setting has been removed. I have no other need for multi-currency capability.
Nevertheless, I now have the control account
Foreign exchange gains (losses) appearing in my Expenses group. Of course, I cannot delete this. So I thought I would figure out how it works. There is no documentation I can find in the Guides, and much of the Forum discussion is obsolete, especially since introduction of the new chart of accounts scheme.
My first question is whether the account is incorrectly named. The name shows losses in parentheses. But a forex loss is an expense, which should show as a positive value in an expense account. Shouldn’t the default name be
Foreign exchange losses (gains), reversing the sign convention? If I make money on forex, should that not show as a contra expense, in parentheses?