Entering Foreign Currency Journals

• You can enter manual journal entries using a foreign currency.
• Review foreign currency account balances using the Foreign Currency Trial Balance Report.
• Use the Revalue Balances window to revalue foreign currency–denominated accounts.

EMU and Non–EMU Currencies: EMU currencies have a fixed exchange rate with the euro. General Ledger can derive exchange rates between EMU and Non–EMU currencies based on a rate you enter between the euro and Non–EMU currencies. To do so, set the profile option: Allow Direct EMU/Non–EMU UserRate to No.

Complete the fields in the Currency region of the Enter Journals window before you enter your journals using this rate.

Entering a foreign currency journal:

1. Navigate to the Enter Journals window. The Find Journals window appears.
2. Enter or query a batch from the Find Journals window or choose New Batch.
   The Batch window appears.
3. Enter optional batch information in the Batch window and choose Journals.
4. In the Journals window, enter journal information, specifying the foreign Currency you want to use for your journal entry.
5. Enter the journal currency conversion information.
6. The conversion Date should be within the accounting period you defined for the journal entry but the Date field allows other entries in case you want to use a different period’s daily rate.
7. The conversion date is the posting date for the journal entry.
   • If you don’t choose a conversion date, General Ledger uses the default effective date of the journal.
   • The conversion Type can be the Spot, Corporate, or User type, or any conversion type you defined.
   • You must enter a conversion Rate if you enter User as the conversion type. If you specify a conversion type other than User, General Ledger automatically enters the daily conversion rate based on the rates you entered in the Daily Rates window.
   If you are entering a transaction involving an EMU and Non–EMU currency, and the profile option: Allow Direct EMU/Non–EMU User Rates is set to No, enter the rate between the euro and the Non–EMU currency in the pop–up window. General Ledger automatically calculates the exchange rate based on the Euro to Non–EMU rate you
   entered. Choose OK to accept the calculated rate.
8. Enter your journal lines, using debit and credit amounts in the foreign currency. General Ledger automatically converts the entry amounts into your functional currency based on the designated conversion rate.
9. Use the scrolling region to review the results of your currency conversion. You can override the Converted Debit and Converted Credit amounts if you enable the user profile option Journals: Allow Multiple Exchange Rates.