MULTI CURRENCY TRIAL BALANCE

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Currently employed by a company that uses Sage X3 package in Zimbabwe , considering the proclamation of the Zimbabwe Dollar , the company which is wholly owned by investors outside the company had to create a multi currency ledger with the ZWL being the functional currency. The problem that we are currently faced with pertain to the US$ Trial Balance: 1) The opening balances for is different from the closing balances of the previous financial period , which have resulted in distortions of cumulative balances mostly on income statements accounts? 2) The system seems to be not taking into account changes in exchange rates from financial period to the other hence maintaining high closing balance regardless of upwards movement of the exchange rate?

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    Hi, we have similar situation in Angola, you should have more than one ledger, working parallel, and do the adjustments as necessary, or configure some to be automatic, when paying or receiving. Not easy one, it needs in depth analysis to understand what the stakeholders want to see. Your local partner should help you on this.

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  • 0

    Hi, we have similar situation in Angola, you should have more than one ledger, working parallel, and do the adjustments as necessary, or configure some to be automatic, when paying or receiving. Not easy one, it needs in depth analysis to understand what the stakeholders want to see. Your local partner should help you on this.

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