When dealing with currencies other than your home currency you’re likely to encounter losses and gains as a result of foreign exchange fluctuations (known as FOREX losses and gains). To avoid invoices and purchases being recorded as underpaid or overpaid you can use the Lose difference due to forex fluctuations button on invoices or purchase receipts. These differences are then recorded a special nominal code. Use the drop down to select:
- Create one for me – This will create you a forex code.
- Another nominal code – this lets you choose an existing nominal code that exists in your chart of accounts. Please note, to keep your accounts in order we advise that you set up a new nominal code and only record these forex gains and losses with it.
When ready, click the Save changes button.