Create Exchange Gain/Loss Transaction

Explanation

Use this activity to create an exchange gain or loss transaction. An exchange gain or loss transaction is created when you try to manually match a transaction where the amount of the cash transaction in accounting currency differs from the amount in the bank transaction but currency amount of the cash transaction is equal to the equivalent amount in bank transaction. A message will be given to you regarding the difference and you can choose to calculate and create a transaction for the exchange difference.

Once you create the transaction, to match it with a bank statement transaction the information in the Automatic Transaction Matching window should be refreshed.

Prerequisites

A bank transaction and a cash transaction should exist with different amounts.

The cash account should be in accounting currency (since payments in currencies different from cash account's currency could only be made if the cash account is in accounting currency).

System Effects

A cash transaction of the type direct cash payment will be created in the system using the exchange difference information between the transactions.

Window

Automatic Transaction Matching

Related Window Descriptions

Automatic Transaction Matching

Procedure

  1. Open the Automatic Transaction Matching dialog box from the IFS Applications Navigator.
  2. Enter the cash account, payment institute, reconciliation date, and period.
  3. Click OK. The Automatic Transaction Matching window opens, displaying unmatched cash book transactions that occurred up until the reconciliation date in the top table, and any unmatched transactions from the bank statement in the bottom table. 
  4. Select a cash transaction from the upper table and a bank statement transaction with an amount different to the cash transaction amount from the bottom table and manually match the transaction.
  5. You will be displayed with a message requesting whether you want to create a exchange gain/loss transaction. Select Yes.
  6. The Mixed Payment window will be displayed. Enter the transaction information in the window as required and save the information.