Gain/loss accounts and rounding accounts

Unrealized FX gain/loss account

You define unrealized FX gain/loss accounts on the General Ledger Setup page when you use multiple currencies in your company, and during automated revaluation.

For more information about unrealized and realized FX gains and losses, see Foreign currency revaluation overview.

To define FX accounts in General Ledger, see Configure General Ledger and Configure General Ledger.

Realized FX gain/loss account

The realized FX gain/loss account is used to post the necessary compensating entry for a gain or loss that is realized when a transaction is closed or settled. This can happen, for example, when a customer posts cash receipts against an invoice or a vendor records payments against a bill.

The realized FX gain/loss account is typically set up as an income statement account with debit normal balance, closing into retained earnings. You assign this account the category of realized foreign currency exchange gain/loss. Intacct adds the realized FX gain/loss account to the Foreign currency exchange gain and loss account group. This account group appears in the out-of-the-box balance sheet, cash flow, and profit and loss financial reports.

Learn more about setting up FX gain/loss accounts:

Rounding account

Intacct automatically handles any rounding errors that occur when translating imported journal entries to the base or functional currency.

Such rounding errors are typically minimal, for instance, a USD penny or less, and cannot be split across multiple lines. Rounding errors are posted to a specific general ledger account called the rounding account.

The rounding account is typically set up as an Income Statement account with debit normal balance, closing into retained earnings. You set the rounding account in the General Ledger setup page.

You need to create the rounding account for your company before you enable multi-currency in the General Ledger setup page.

Without a rounding account, the user is responsible for making sure the journal entry balances.

Assign the category Other expense to the rounding account to add it to the Other expense account group. This account group appears in out-of-the-box balance sheet, cash flow, and profit and loss financial reports.

For more information about rounding accounts, see Configure General Ledgerin Configure General Ledger.