Overview

If US funds are deposited into a Canadian funds account, you must account for the US exchange in the Reconciliation module. This ensures that records match the bank statement.

Steps

Deposit US funds

  1. Enter all Canadian funds deposits, print bank deposit forms, and add them to the ledger as usual.
  2. Deposit US funds in the Deposits/Receipts module.
  3. On the deposit form, click the Currency button at the top right of the screen and select USA - USD.

Note: SchoolCash Accounting does not calculate exchange rates on US currency. The exchange rate must be added as a separate record during monthly reconciliation.

Add the exchange amount

  1. From the Main Menu, go to Reconciliation.
  2. Select the Add Record tab.
  3. In the Date field, enter the date from the bank statement.
  4. In the Transaction Type field, select Deposit.
  5. In the Transaction Number field, enter the same number as the original deposit.
  6. In the Description field, enter US exchange.
  7. In the Amount field, enter the credit amount shown on the bank statement.
  8. Click Save.

Outcome

The US exchange adjustment is recorded in the Reconciliation module, keeping the system balance consistent with the bank statement.

Troubleshooting

  • If the US deposit does not appear, confirm you selected USA - USD as the currency.

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