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Account — Foreign exchange gains (losses)

In Manager.io, the Foreign exchange gains (losses) account is a built-in control account that automatically appears in your Chart of Accounts when your business deals with at least one foreign currency. You may choose to rename or reclassify this account to suit your business’ reporting preferences.

This guide explains how to rename and configure the Foreign exchange gains (losses) account.

Accessing the Account Form

  1. Navigate to Settings
    From the left navigation pane, click on Settings.

  2. Open Chart of Accounts
    Within Settings, select Chart of Accounts.

  3. Edit Foreign Exchange Gains (Losses) Account
    Locate the Foreign exchange gains (losses) account in the Chart of Accounts list and click the Edit button next to it.

Completing the Account Form

You will see a form with several fields:

Name

  • Description: This is the display name of the account.
  • Default Value: Foreign exchange gains (losses)
  • Action: Enter a new name if you wish to rename the account (e.g., “FX Gains & Losses”).

Code

  • Description: An optional field for entering an account code.
  • Action: If you use account codes, enter a suitable code for this account.

Group

  • Description: Determines where the account will appear on the Profit and Loss Statement.
  • Action: Select an appropriate group under which this account should be presented.

Cash Flow Statement Group

  • Description: Determines how the account appears on the Cash Flow Statement.
  • Action: Choose the relevant group for proper classification on the Cash Flow Statement.

Saving Your Changes

  • After updating the fields as needed, click the Update button at the bottom of the form to save your changes.

Note:

  • The Foreign exchange gains (losses) account is permanent and cannot be deleted.
  • It is automatically added once you activate foreign currencies in your business.
  • For more on managing foreign currencies, see the guide: Foreign Currencies.

You have now successfully renamed or reclassified the Foreign exchange gains (losses) account in your Manager.io Chart of Accounts.