I have set Debtors Account for INR , USD , AUD in chart of account where parent account is Current Asset.
Then i have created two customers whose Billing currency is USD and and AUD i have set default account as per billing currency. After this i have made Sales Invoice for USD company and there exchange rate and all come after adding Item i just save it sudmit that.
Then made payment entry and i just change exchange rate manually for USD from 83 to 84.
Issue : There Difference Amount is not coming. Hence gain /loss is not coming what to do where i am missing in setup i am not understanding please help…
Based on your scenario, it seems like you might need to enable Exchange Rate Revaluation in ERPNext to handle currency fluctuations effectively. Here’s how you can set it up:
Setting up Currency in an Account:
Ensure each account where transactions occur in multiple currencies is appropriately assigned a currency. You can define this while creating the account or by editing existing accounts in the Chart of Accounts.
Enabling Exchange Rate Revaluation:
Navigate to Setup > Company and select your company.
Set the ‘Unrealized Exchange Gain/Loss Account’ field. This account helps balance the difference between total credits and debits.
Go to Accounting > Setup > Exchange Rate Revaluation > New.
Select your company and click ‘Get Entries’ to fetch accounts with different currencies.
Review and confirm the exchange rates. If not set, it will fetch from Currency Exchange or use default rates.
Upon submission, a Journal Entry for Exchange Rate Revaluation will be created automatically.
Automating Exchange Rate Revaluation Creation:
Optionally, you can automate the creation of Exchange Rate Revaluation entries in the Company master under ‘Exchange Rate Revaluation Settings’.
By following these steps, you should be able to handle currency fluctuations and reflect exchange rate differences accurately in your accounting records.