Foreign currency variance posting rules specify the account into which gain or loss resulting from foreign currency variances is posted. Each transaction is compared to the foreign currency variance posting rules in the order of rule priority. When a matching rule is found, that rule is used, and the evaluation ends.
To get the foreign currency variance posting rules page, go to “Setup > Accounting > Foreign Currency Variance Posting Rules”.
Key fields, custom segments, and custom fields that apply to Purchase, Sale, Journal, Customer Payment, Vendor Payment, or Deposit are available as criteria. Custom fields are limited to the following types:
- Check Box
- Currency
- Date
- Decimal Number
- Email Address
- Free-Form Text
- Integer Number
Adding, modifying, and removing rules does not affect transactions for which the foreign currency variances have already been posted. Create the posting accounts that need to set as the destination accounts in the rules. The destination accounts must be account types “Other Income” or “Other Expense”. If the transaction is posted to an unexpected account, verify that all of the following are true:
- Destination accounts are all active.
- Accounts included as criteria are all active.
- Subsidiaries included as criteria are all associated with the destination accounts for the rules in which they are included.
- All the needed rules are active (the Inactive box is clear).