Payables and Cash Management - EBS (MOSC)

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Bank Reconciliation

in Payables and Cash Management - EBS (MOSC) 2 commentsAnswered

We have a scenario on our online business where we have receipt amount for our customers the same as the invoice amount. However when we receive the funds in our bank account 5 days later from our payment merchant, it is a different amount due to exchange rate difference. This makes reconciliation challenging. Any idea how should we manage such scenario in Cash Management?

Functional Currency = EUR

Invoice amount = SEK 1299 (EUR 1,137.47)

Receipt amount = SEK 1299 (EUR 1151.71)

Bank Statement = EUR 1153.82

When we reconcile bank statement line to this receipt, we have EUR 2.11 as the amount remaining due to forex gain/loss. What should we do with this EUR 2.11 amount in Cash Management ? Can this amount be posted to a forex gain/loss account automatically?

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