Multiple Currency in One Journal Entry
Riya
Aug 18, 2023 - 6 mins read
Multiple currencies in a single journal entry offers several benefits for businesses operating in a global and diverse financial environment
- Easy To Process Journal Entry more Entries.
- Play with Exchange rates
- Avoid Manual Complications
- Global Expansion
- Consolidation of Data
Journal entries are often used by the Accounting experts and tax practitioners to make journal entries to save their time for feeding of data. With our TamilAccounting Journal Entry you can make single or multiple currency journal entry. E.g. Each line of items can be added with different currency as you like.
Either you can use single currency journal entry, There you can use different currency Rate and it converts to home currency when it requires. And also you can make journal entry in home currency.
Journal entry with multiple currencies, now onwards its possible to make journal entry with multiple currencies. in this case the home currency is the base currency of the journal entry. When you make different currency journal entry, you need to add its exchange rates. As we feel that adding exchange rate on separate page might give a distraction to the journal entry input person. So we brought the exchange rate option to the same line itself. so you can feed the exchange rate value on the line itself and proceed it. Though we have some limitations
Journal entry with multiple currencies, now onwards its possible to make journal entry with multiple currencies. in this case the home currency is the base currency of the journal entry. When you make different currency journal entry, you need to add its exchange rates. As we feel that adding exchange rate on separate page might give a distraction to the journal entry input person. So we brought the exchange rate option to the same line itself. so you can feed the exchange rate value on the line itself and proceed it. Though we have some limitations- You can't input different currency amount for a bank account with one currency bank account. Because you need to understand that the system keeps that bank balance in the specific currency.
- Customer, Supplier and Employee sub ledger and counterparty people accounts. it works based on the currency of the person which you have selected.
- Each currency value and its exchange rate gets a different total. So we have to make the debit and credit balanced to complete the form. this is aganist the home currency value.
We have a new row added at the end of subtotal for the balance value. So you can aware of howmuch is needs to be compensated, whether its on credit side or debit site.
This is pretty good feature for accountant people. do let us know back your thoughts. so we can update this to work better one.,
