Checklist: Setting Up Gains and Losses

You must complete tasks in Settings before you process currency exchange gains and losses.

Step Description
1 Turn on the Multicurrency feature, select currencies, and establish exchange rates.
2 In Settings > General Ledger > Chart of Accounts, define the general ledger accounts that you will use to track realized and unrealized gains and losses.
3 In the Gains and Losses section of Settings > Accounting > Posting Accounts, specify the default general ledger accounts to which realized and unrealized gains and losses are posted.
4 In the Multicurrency section of Settings > General Ledger > Chart of Accounts, select the currency for each foreign-denominated general ledger account. You can also specify the gains and losses accounts that you want to post to when the Gains/Losses and Revaluations process revalues the account balance.