See KB 16601 on how to set or change the currency exchange rate for full steps and KB 11505 on how to revalue foreign accounts using a different currency exchange rate should it need to be modified. If that isn't of any interest, then just post the gain or loss to whatever expense account was used to record the original Vendor's invoice as it would be directly associated with that transaction or transactions. In this window, you can set up a link to an exchange rate Web site and a reminder to update a foreign currency, as well as, update the exchange rate of a foreign currency. These separate accounts would only be necessary if you were wanting to track just how much you gained or lost on the foreign exchange. to an account that you set up either in your Income section called Foreign Exchange Income or in your expense section called Foreign Exchange Expense. to Bank (depending on which way it goes - you said there was a gain so it would be a Dr. When you know what the difference in exchange is, then do a journal entry in the General Journal as a Cr. If so, to post the payment for the invoices paid, choose the vendor and check off the invoices to be paid just as you would for any other Vendor payment. Hi there: I am assuming that you are recording the vendor's invoice into Accounts Payable with an amount that is the same as the amount you are having the cheque be made for.
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