My company uses GBP as its LCY. We have a bank account that is denominated in USD. Transactions such as accounts payable denominated in USD are run through this account. How do I ensure that the Adjust Exchange Rate batch-job revalues this account?
Example:
USD balance is 1,000 USD
FX rate = 1 GBP = 1.25 USD
GBP balance should be 800
However, my trial balance shows 1,000 USD as the additional reporting currency and 850 GBP as the local currency.
I have tried to changing the Exchange Rate Adjustment within the GL Account Card to "Adjust Amount" and "Adjust Additional-Currency Amount" and both options don't seem to have any impact.
Is there something that I am not considering?