Hi,

In Payables, when we pay vendors at a rate different from the rate we use to record inventory, there is a exchange gain or loss. Our exhange gain or loss account number is 5001, as seen below. But the GL distribution summary shows that the gain goes to the sales account, which is 5000. Should I check or uncheck some boxes? Thanks.

I found that I could not print screen and paste here. In payable, company profile, the account number 5001 is set up in boxes: clearing exchange gain or loss, unrealized gain or loss, realized gain or loss, exchange gain or loss rounding error. I choose revaluation criteria under "consolidated revaluation by". accounts payale control account bank and purchase discount all are set up.

I processed a Euro payment and found that the exhange gain goes to sales account 5000. I really appreciate your help.

David

Hi David,

Check the Control Account Set record associated with the Vendor. This is where the real Exchange gain/loss accounts are. The company profile simply contains a default when creating new Control Account Set records.

Got it! Thanks so much. You are very helpful.

David