Issue

Background

From the previous software, the Unrealised Foreign Current translation account has been maintained as a sub-account to the Foreign account. How do I process this in Class?

Resolution

There are two options available to resolve this issue:

Option 1: Use Class to calculate Forex Unrealised Gain/Loss

Option 2: Always separate the re-translation account from the Foreign Bank account

Use Class to calculate Forex Unrealised Gain/Loss

Navigate to Fund > Load Opening Balance

If you have already set up the Foreign Currency Translation account as a Custom Holding account

1. Add the book cost/Market value of the Custom Holding Account to the AUD Balance under the Foreign Cash  
2. Remove the book cost/Market value of the Custom Holding Account
3. Click on Submit

With the 30 June Period Update, Class will calculate the market value movement and journal it onto the Financials. 

Always separate the re-translation account from the Foreign Bank account

You can continue to use the Custom holding account to maintain the Unrealised Foreign Currency Translation. However, you will need to manually calculate the Forex Unrealised Gain/loss at each year end and update the Custom Holding Account manually.