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Accounting for FX gains or losses

Received Response
edited Mar 12, 2021 3:54PM in Payables, Payments & Cash Management 1 comment



We use cash management and account for payments at payment and clearing. Currently we dont have any tolerance for amount differences between bank statement and system transaction. If there is a currency diff, business solves this with a manual external transaction to be able to reconcile.

We are looking for a way to automate and avoid manually creating the external transaction.

I came a cross the External Transaction for Foreign Exchange Gain or Loss feature in this post:

I am not 100% sure about this functionality so just wanted to share my questions to see if you have any thoughts.

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