Journal Options - Auto Balancing

In the Journal Options within the Company setup in the FEG there is the option to enable Auto Balancing. The user guide states, "If Auto Balance is selected on Accounting Entity, then the functional and reporting currencies are auto balanced when the release action is selected."

If we only have one currency does it really matter to have this enabled? Thank you.

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unknown

Hi Stace, do you have transactions in other currencies? If not, then you should just leave it "Off" as it would serve no purpose.

Stace Webley

We do not have transactions in other currencies. Thank you for confirming that for us!

ron-newberry-jr

It actually does matter. It is recommended to at least balance at the Transaction Amount even if you are a single currency. We have seen situations where journals entered have a mismatch in balance between transaction and functional currency when No Balancing is selected. Applying the Transaction Amount has resolved this going forward. If you are multi-currency, then use the All Currency Amounts option.

Stace Webley

Is it recommended we enable the option, "Auto Balance?" We do have the, "Balance By Transaction Currency" set to Transaction Amount.

ron-newberry-jr

Yes, enable the auto balance.

ron-newberry-jr

The problem seems to occur with imported journals.

lila-elizalde

Yes please enable the auto balance, those 2 fields go together

Stace Webley

Any idea where I do this?

cleverly

Check your FEG setup under System Accounts. It's after Retained Earnings, Unrealized Retained Earnings, and Error Suspense and before the Zone and Inter Entity accounts.

lila-elizalde

looks like you already setup your system accounts on the FEG and miss to setup the autobalance.

you will need to go to . Accounts> create an account and assign the auto balance from the system account field

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