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Financial accounting with multi currency
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2. 1. Login to the database of Open ERP using User name and Password .
3. Currency setting : 2. In Accounting -> Configuration -> Miscellanious ->Click on Currencies. Currencies master is displayed on the screen.
4. 3 . Set the required currencies in Active state and De-Activate other currencies.
5. 4. Set the company currency value as 1$ . Here Company currency is CAD.
6. 5. To set the other currency rate, click on edit button of the currency.
7. 6. Click on New button. A pop-up window appears to enter currency rate as per the date.
8. 7. Select the Date , enter the currency Rate on that date and click on Save & Close.
9. 8. Next click on Save to save the changes made in currency.
10. Accounts Configuration: 9. In Accounting -> Configuration -> Financial Management -> Accounts -> Click on Accounts. List of existing accounts are displayed on the screen.
12. 11. In account form, enter the Name, Code of the account. Select the Currency , Parent account, Internal type and Account type . Select the Reconcile option if required and Save .
13. 12. Create required accounts in both Currencies and Save.
14. Creation of Journals: 13. In Accounting -> Configuration -> Financial Management -> Journals -> Click on Journals option. List of existing Journals appear on the screen.
15. 14. To create a journal, Click on New button. A form to create a journal appears on the screen.
16. 15. Enter journal Name, Code, Select Type, Currency, Default Debit & Credit accounts and Save.
17. 16. Create required number of journals in both currencies.
18. Creation of Partners: 17. In Accounting -> Customers -> click on Customers. A record appears with the company name.
19. 18. Click on Edit button to set the currency of the company on which database is created. Customer form appears in edit mode.
20. 19. Select company currency and enter required company details like Postal Address & contact details.
21. 20. Next click on accounting tab. Select the Account Receivable and Account Payable. Finally click on Save.
22. 21. Click on New option to create new Customers and Suppliers and Select their respective currencies in Currency field.
23. 22. In Accounting -> Customers -> click on Customer Invoices. List view of Customer Invoices appear on the screen. Click on New option to generate a new Customer Invoice.
24. 23. Select the Customer using search button. Customer currency is automatically loaded with the selection of customer.
25. 24 . Next click on New option to create invoice lines .
26. 25. In Invoice Line, select the Product using Search button. Enter required Quantity , Price of the Product and Save&Close invoice line.
27. 26. Next click on Compute taxes option to calculate total and taxes.
28. 27. Next click on Pro-Forma to generate Pro-Forma invoice. Total amount is calculated and displayed in both Customer and Company currencies.
29. 28 . Next click on Validate option to validate the customer invoice.
30. 29. Next Click on Payment button. Customer Payment is generated in Draft state.
31. 30. Enter Paid Amount, Payment method, Date, Payment Reference . And finally Save and Validate the Customer Payment.
32. 31. With the selection of the Payment Date , Fx Gain/Loss amount is displayed as per Currency.
33. 32. In Accounting -> Reporting -> Duel Currency Reports -> Click on Partner Ledger. Select Period Pop-up window appears to select the Preferences. Next Click on Print.
34. 33. Partner Ledger report is generated in which Debit, Credit and Balance amonts are displayed in both currencies.
35. 34. To make the balances equal in both currencies, goto Journal Entries in Accounting. Click on Single currency Journal entries.
36. 35. In the list view of Journal entries click on New option to create new record.
37. 36. Select the General Journal of a currency, whose balance is needed to be Nullified. Next click on New option to create new record in Journal items.
38. 37. Select the Partner , enter data in Name field and Debit amount. Finally click on Update button
39. 38. Create one more record in Journal items and select Fx Gain/Loss account, enter Name, Credit Amount and Update.
40. 39. Finally, Save the Single currency journal entry and Click on Approve. Its status changes to Posted.
41. 40. In partner Ledger, balances in both currencies are nullified.
42. 41. Reports like Partner Ledger, General Ledger, Partner Balances, Profit & Losses, Balance Sheet, Taxes Report can be generated through Reporting.
