This article will guide you through adjusting a foreign bank account’s book cost and foreign currency balance, once the fund has been initially transitioned onto Class.
You can refer to the Foreign Bank Account Set-up article for further information for setting up foreign bank accounts.
A foreign bank account in Class requires a book cost. If there is no book cost you will not be able to run a period update.
Navigate to fund level > Fund > Load Opening Balances > Holdings
- Click on Edit Parcel History on the foreign bank account that you need to adjust the balance for as shown below:
- Click Add (Only if you need to enter a new parcel)
- Enter Date (Date the foreign cash was acquired)
- Enter Quantity (This is the Cash Amount acquired in foreign currency amounts e.g $50,000 USD)
- Enter Book Cost (This is the Foreign Currency acquired translated into AUD amounts per the rate on the date of acquisition e.g $58,747.50 AUD)
- Enter Description
- Click Save to save parcel details entered
The AUD Balance displayed on the Fund Opening Position screen is the total Foreign Cash Balance translated into AUD amounts as at 30 June.