Solution Number:
5962
Name:
Multi-Currency: Gain/Loss Category Setup
Description:
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Setting Up a Income Account for posting a Gain or Loss on transactions entered in a foreign currency. (5962)
If the Currency Gain/Loss Category is not specified, attempting to save a Make A Payment entry in a foreign currency will yield the following error:
There is a problem with Categories. This transaction cannot be saved. Please try re-entering the Split Categories.
Status:
Added
Picture:
Solution:
You need to create and/or select an Income Account for recording Gain or Loss on foreign currency transactions.
To Set a Currency Gain/Loss Category:
1. Use the Account Card tool to create a new account, if needed.
2. Choose an Account Type of Income, and Code and Name appropriately.
3. From the Banking toolbar open the Banking Prefs.
4. For Currency Gain/Loss Category, select the new or appropriate category.
The Currency Gain/Loss Category will automatically receive the difference amount when settling foreign currency transactions, when the exchange rate has changed.
If the Currency Gain/Loss Category is not specified, attempting to save a Make A Payment entry in a foreign currency will yield an error and the entry will not be saved.
Related:
(Previous) Creating a PO Form
(Next) Misc. Bill Tool Not Supported
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