In this article, we will guide you through setting up or adjusting a foreign bank account in the Load Opening Balance screen including:
Requirements for a foreign bank account
Navigate to fund level > Fund > Load Opening Balances > Holdings
- AUD Balance is the translated AUD bank balance on the Book Closed Date e.g. 30 June xx
- Foreign Cash Balance is the total parcel cost of the foreign bank account. This field automatically pre-fills from the entries for that foreign bank account in the Edit Parcel History screen.
- Book Cost is the total AUD amount of the total parcels. This field also automatically pre-fills from the entries for that foreign bank account in the Edit Parcel History screen.
If there is no book cost recorded you will not be able to run a Period Update. The Book cost may be different to the AUD balance, despite both reflecting AUD amounts, as they may be reflecting the AUD amount for different dates.
Recording parcel history
Navigate to fund level > Fund > Load Opening Balances > Holdings > Edit Parcel History
- Click on Edit Parcel History on the foreign bank account that you need to adjust the balance for as shown below:
- Click Add (if you need to enter a new parcel)
- Enter Date (Date the foreign cash was acquired)
- Enter Foreign Cash Balance (This is the cash amount acquired in the foreign currency)
- Enter AUD Equivalent Balance (This is the translated AUD amount of the foreign currency amount on the date of acquisition)
- Enter a Description
- Click Save to save parcel details entered
What's Next?
You can refer to the Foreign Bank Account Set-up article for further information for setting up foreign bank accounts.