How to Set Up Unrealised & Realised FX Gain/Loss Accounts

If you have started using foreign currencies in the system, you will need to create and map the unrealised and realised FX gain/loss accounts so currency movements are reported correctly.

Step 1: Create the Unrealised Gain/Loss Control Account for Trade Debtors

1. Navigate toLedger menu > Chart of Accounts

   Locate GL 1200 – Trade Debtors.

   Click Clone.

   Update the details:

   • GL Number: 1201 (or the next available number, e.g. 1202)
   • Name: Trade Debtors Unrealised Gain/Loss
2. Click Save.

Step 2: Map the Unrealised Gain/Loss Account

1. Open GL 1200 – Trade Debtors for editing.
2. In the Unrealised Gain/Loss field, select the new account created in Step 1 (GL 1201).
3. Click Save.

Step 3: Repeat for Other Foreign Currency Balance Sheet Accounts

Repeat Steps 1–2 for any other foreign currency balance sheet accounts (for example, Trade Creditors, foreign currency bank accounts, GST accrual and divisional), creating a dedicated unrealised gain/loss control account for each and mapping it accordingly.

Step 4: Create the FX Profit & Loss Accounts

You will also need two Profit & Loss accounts:

1. FX Unrealised Gain/Loss
2. FX Realised Gain/Loss

Create these in the appropriate P&L section of your Chart of Accounts.

Step 5: Map the P&L Control Accounts

Once created, map these accounts as the control accounts for foreign exchange gains and losses in your system settings (where FX control accounts are configured).

Month-End Foreign Currency Revaluation

You will be required to Re-valuate the General Ledger at the end of each month if foreign currency balances exit on the balance sheet.