Overview
We have now added in an option to post unrealised foreign exchange gains and losses on multi currency transactions. This document shows how to setup this new function.
Setup
From the Utilities module, select the System tab and the menu option System Settings. Locate the Type 'Sundry Entries', and the new setting ForExCalculate. Amend the entry for ForExCalculate to FALSE. In addition, amend the entry for ForExJournal to TRUE.
From the Wealth Management module, select the Client tab and the menu option Trial Balance. A new £ button will now be available to use:
Setting the Nominal Code Revaluation at Client Level
From the Wealth Management module, select the Client tab and the menu option Fund Nominal Codes. Select the nominal you wish to have revalued, and using the drop down list in the 'Revaluation' field, select Yes:
Setting the Nominal Code Revaluation at Master Level
To amend the setting client wide, from the Wealth Management module, select the Nominal tab and the menu option Charts of Accounts. Locate the nominal code to be amended and click the Edit button to edit the nominal code details.
Select the 'Foreign Currency' tab and select Yes in the 'Revaluation' drop down list.
This will populate across all clients using this nominal.
Posting
Once you have setup your accrual you can now revalue this using the new button on the Trial Balance.
There are 3 options for frequency of posting the revalue and there is an option to reverse the journal, if required.
To settle the accrual, from the Wealth Management module, select the Client tab and the menu option FEX Settlement.
Enter the Date and then choose the nominal code that the transaction has been posted to from the Settle drop down list. All transactions will then be displayed.
Select the transaction to be settled and edit the exchange rate shown. Select the bank account to the settle the transaction from the Settle From drop down list. Click Post.
These notes are confirmed to be applicable from Troika release 2.09.013.