FX General Ledger Overview
Foreign Exchange accounting, also known as FX accounting, is a financial concept that defines the reporting an organisations transactions in currencies different than their functional currency.
When organisations do any cross-border trading they generate transactions in foreign currencies. To report these in financial statements the establishment of a FX General Ledger is mandatory. The exchange rate of the foreign currency and the organisation’s functional currency continuously fluctuates on a daily basis, which is monitored by SapphireOne’s FX Currency Settings in Utilities/ Controls/ FX Currency Settings. This will dynamically change the value of the Vendors and Clients sub-ledgers. The use of foreign currencies will dynamically create an FX adjusting Journal, which will update the respective FX loss and gain General Ledger account.
FX General Ledger Inquiry Overview
The SapphireOne FX General Ledger Inquiry screen in General Ledger Accounts gives the user the ability to view information contained in all foreign exchange currencies and all General Ledger accounts.
The FX General Ledger Inquiry screen will display General Ledger accounts in all of the FX currencies currently installed in SapphireOne. If you would like to view General Ledger accounts in only the Master or local currency please use the General Ledger Inquiry screen.
Displayed in the Sapphire Bondi Blue Demonstration screen above are FX General Ledger Account ID’s with Names that are assigned to them. The currency for a particular General Ledger is displayed in the first ID column as a suffix after the ID. The ‘M’ indicates the Master or local currency, and a three-digit ID for other currencies i.e. NZD and USD.
You can add currencies by navigating to Utilities / Controls / FX Currency. As you use the currency SapphireOne will create an FX Account for any General Ledger affected by the currency.
The second last column shows the side of the General Ledger these accounts operate on either Credit ‘Cr’ or Debit ‘Dr’. This helps indicate what financial information each account will contain. When read in conjunction with the Class column these explain the purpose of the General Ledger account and the type of information it will contain.
How to Customise the Inquiry Screen
The FX General Ledger Inquiry window lists all General Ledger accounts for the Company the user is currently logged into, by default in the ascending order of the FX General Ledger ID. You can change the sort order by simply clicking on any of the column headings. You can also change the selected column by re-clicking the column heading to change it from ascending to descending, or vice versa.
You can adjust the order of the columns by clicking on the column and dragging to the left or right. Like other List Windows in SapphireOne, you can re-organise the information displayed by highlighting and using functions from the Options Menu.
You also have the ability to Swap to a Custom Inquiry Screen as detailed below.
All inquiry screens have the option to Customise the list of items that are displayed on screen. The Custom Inquiry Option allows you to select the data fields that are displayed, and the order in which the columns of data are displayed across the screen. While a list of Sales Invoices has been used to demonstrate this here, any type of inquiry may be customised within SapphireOne.
The list below is the Standard Inquiry list.
When the ‘Swap to Custom Inquiry‘ button in the lower left hand corner of the screen is selected SapphireOne will display the default Custom Screen as seen below. This Custom List screen gives the user user two main options when organising the order that the data is displayed:
- To add or remove the data field columns that are displayed on screen. To add or remove a column, go to the ‘Setup’ button in the bottom right corner of the screen. Within the Setup screen you can right click on the column lines and select from Delete, Move Left or Move Right. Further information on the Setup screen is documented below.
- To change the order in which the data field Columns are displayed. To change the order of the columns, go to the ‘Setup’ button in the bottom right corner of the screen. Within the Setup screen you can right click on the column lines and select from Delete, Move Left or Move Right. Further information on the Setup screen is documented below.
Once the user has customised the Custom Inquiry screen, the screen view will become unique to the user and each time the user logins they will be shown the same custom view. The user also has the option to select and save unlimited custom views. This can be done in the ‘Setup’ screen as documented below.
The Inquiry screen below is the initial Custom Inquiry screen which may be modified by the user.
Custom Inquiry Screen ‘Setup’ Function
To commence setting up your Customised List screen, select the Setup button as seen above. The Setup screen will be displayed as seen below.
From this screen the user is able to add and remove columns of data as required. Almost every field within the SapphireOne data tables is able to be included in the Custom List screen if the user is authorised.
There are a number of menu items across the top of the screen. These are as follows:
- Reset to Default – Selecting this button will set the display back to default as determined by SapphireOne. When a new data field is selected SapphireOne will add it to the right hand side of the columns of data. You can then click on the field heading and drag it to wherever you want across the screen.
- Show Related Record – You can also add related fields from other tables. Clicking on the checkbox at the top of the screen, allows you to choose a related record and a mini view of the related record for the chosen record will be displayed for the currently selected record. You will need to select the fields displayed.
- Favourite Set – You can use this option at the top left of the screen to save a custom created screen for later use. For example, you can have a simplistic Inquiry screen for general use, and a more complex screen view when auditing certain information.
FX General Ledger Inquiry Details Page
In the Details Page you can only view FX General ledger accounts SapphireOne has created. You are unable to Modify any information on this page. All modifications are to be made using the General Ledger Inquiry screen.
General Ledger Area
This area displays the Account ID, Account Name, and Department ID.
Reporting Groups Area
This area displays the Class ID. From the Classes file the Group and Report positions are read. They control the structure of your Income Statement and Balance Sheet.
Data Entry Controls Area
This area displays if the account is on the Debit or Credit side.
This area displays any Notes entered that are linked to the account.
FX General Ledger Inquiry More Details Page
FX General Ledger Custom area displays the custom classes set up for the account in the General Ledger Inquiry.
User Defined Area
The User Defined area displays user defined information relevant to the account.