Setup

To record unrealized gains and losses

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

Print the Currency - Unrealized Gain/Loss Report, then complete the following steps:

The Record Journal Entry window should be displayed.

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


  2. 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 General Journal entry as a recurring transaction. By doing this, you'll save time when you record your unrealized gains and losses in future months. Click the Save Recurring button; the Save Recurring Transaction window appears.


  2. Enter a name for the transaction, then choose a frequency (Monthly is recommended) and the day on which you want this transaction to appear in the To Do List window each month. Click Record to save your entries and close the Save Recurring Transaction window.


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


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