Debtors Gains/ Loss Journal

This journal is typically used in foreign currency transactions when there is a difference between the foreign currency balance and the Rand balance.

Following from the Procedure Gains/ loss manual, a journal is necessary to clear the R 100 balance (gain)

Transaction Procedure Gains/loss

 to Crate the journal the steps are the same as adding a debtors' journal transaction. with the only exception being that you will change the currency on the journal to Rand

When a journal for a foreign debtor is created in Rands, then no corresponding foreign amount is created. Thus, the journal only processes in the Rand currency.

Add a debtor journal as normal,

You will note by default, once the foreign debtor is selected, the currency populates in the respective foreign currency

click the drop down and select Rands as the currency.

note the exchange rate field is now disabled

 

Ensure all remaining details, are entered

Click next as normal to process the journal

Edit and select the necessary contra GL account

Then click process