Setup

To record unrealized gains and losses

Please note that this task requires that Multicurrency be set up. (To set up Multicurrency)

  1. Print the Currency Unrealized Gain/Loss report.


  2. Open the Record Journal Entry window


  3. Enter the date (generally the last day of the month) and a description of the transaction.


  4. In the scrolling list in the middle of the window, enter a transaction for the unrealized gain or loss. This transaction should have a separate debit and credit entry for each account that appears on the Currency - Unrealized Gain/Loss Report. (All amounts are entered in US dollars.)


    If the account is an asset account
    If the Currency - Unrealized Gain/Loss Report shows a currency gain for a checking account or another asset account, credit the Unrealized Currency Gain/Loss account, and enter an equal debit amount for the exchange account associated with the asset account. (The Unrealized Currency Gain/Loss account should be an expense account.)
    If the Currency - Unrealized Gain/Loss Report shows a currency loss for the asset account, debit the Unrealized Currency Gain/Loss account, and enter an equal credit amount for the exchange account associated with the asset account.
    If the account is a liability or equity account
    If the Currency - Unrealized Gain/Loss Report shows a currency gain for a liability or equity account, credit the Unrealized Currency Gain/Loss account, and enter an equal debit amount for the exchange account associated with the liability or equity account.
    If the Currency -Unrealized Gain/Loss Report shows a currency loss for the liability or equity account, debit the Unrealized Currency Gain/Loss account, and enter an equal credit amount for the exchange account associated with the liability or equity account.
  1. Save the Journal entry as a recurring transaction. By doing this, you'll save time when you record your unrealized gains and losses in future months. (To create a recurring transaction)


  2. In the Record Journal Entry window, click the Record button to record the transaction for this month.


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