Setting Journal Account for Exchange Rate Differences
SOFICloud provides an Auto Calculate & Journal Forex Realize & Revaluation feature for transactions or ending account balances that require exchange rate difference calculations. The system will compare the exchange rate at the time of the transaction and the exchange rate at the time of payment for all invoices needed to determine the profit (loss) difference due to exchange rate movements. To set up the account for holding profit or loss from this exchange rate difference calculation, you can choose multiple holding accounts or a single holding account. Create a Multi CoA Forex setting according to your company's needs. Refer to Figure 2.4.
Setup
