I took over for the A/P at my company last year and have had nothing but headaches with the Currency Gains/Losses.
No one ever updated the exchange rates in the system for over 2 years and because of this the Currency Gains account is showing a huge amount. Does anyone know how to reverse the transactions that were entered in a Payment Journal and have it remove the currency gain (which should not be there because I am wiring in a foreign currency on the exact day payment is due). It will not let me reverse or void the wire payment. When the payments were posted in the payment journals no bank payment type was entered so that is why it will not let me void the check ledger entry.
Hi Juliana and welcome to forum,
First, have you ever APPLIED Payments to Invoices? If no, even having all ForEx rates correct, all “open” entries are processed by Adj,Exch.Rates batchjob.
Then - you may enter the ForEx rates now for missing dates. I understand it might be a huge job to do manually, but in many countries it is possible to download these from banks or business newspapers websites, and such little added functionality offer many Partners, for me it takes 10-15 seconds to download a daily rate for ~20 currencies for a whole year. After you have rates in place, rerun the Adj.Exch. Rates batchjob, BUT take into consideration that already closed FYs might be involved, if this hasn’t been done for years…
To avoid such situation further on, a mod can be made, not allowing to post transactions in FCY, if rate is not defined for posting date, but it’s rather complicated task, as Navision in standart takes last known rate before the posting date.
Thank you for your response. These have all had payments applied to them and that is where the problem lies. I am not able to void, reverse or remove the payments that have been made to any of the foreign currency transactions. They post to my check register as “Wire” payments and because the currencies are different (i.e. bank account is set-up in USD and transactions are MXN or GBP) I am unable to choose a manual or electronic payment. Seeing as the payments are then posted without a payment type, voiding the transaction is impossible. I need to find a way to reverse payments that have no payment type selected from the check register then reenter all of the 2009 invoices and payments with the correct exchange rates.
Fully applied Invoices/Payments --that means Open=False– are ignored by Adj.Exch.Rates, but from v4 and up Navision has Unapply functionality…