According to Hungarian law, you can use either the First In First Out (FIFO) or the average weighted method for an exchange rate calculation. The daily exchange rate calculation for the petty cash and bank journal lines (for the outgoing transactions) uses the summarized amounts of the company currency and the foreign currency before the specified transaction date. The FIFO method uses the exchange rates from the exchange rate form.

  1. Click General ledger> Journals> General journalto open the Journalform.

  2. Press CTRL+N to create a new line.

  3. Click Linesto open the Journal voucherform.

  4. In the Account typefield, select the account type as Bank, Petty cash,or Ledger.

    Note Note

    Select an account that has the Average rate on outflowscheck box selected in the Accountcolumn. The voucher lines currency must not be equal to the company currency. To be sure that an account has the Average rate on outflowscheck box is selected, open the Chart of accountsform ( General ledger> Chart of Account Details) and verify the status of the check box on the Setuptab.

  5. Click Functions> Exchange rate calculationto open the Exchange rate calculationform.

  6. In the Calculation methodfield, select the Daily exchange rate.

    Note Note

    The date in the From datefield is not specified when calculating the daily exchange rate.

  7. Click Selectto open the Inquiryform, and then set up selection criteria for the lines that must be included in the exchange rate, if needed.

    Note Note

    If you set up the selection criteria for the lines to be included in the exchange rate calculation, only the selected lines will be changed. The default criterion for the journal number is the number of the current journal, and it cannot be changed. If you do not set up the selection criteria in the Inquiryform, the exchange rate calculation method will be set for all lines in the current journal.

  8. Click OKto return to the Exchange rate calculationform.

  9. Click OKto close the form.

    Note Note

    The Exchange rate calculation is added to slip journals and to general journals with petty cash lines.

See Also