Reconciliation checklist for multi-currency accounts (FX lines, fees, balances)

Multi-currency accounts add complexity to reconciliation: exchange rates, FX fees, and balance calculations require careful handling.

What to watch for

• Exchange rate fluctuations between transaction date and statement date
• FX fees that appear as separate line items
• Base currency vs transaction currency amounts
• Balance calculations that may use different rate sources

Reconciliation checklist

1. Extract transactions with both original and converted amounts when available.
2. Separate FX fees into their own category for proper accounting treatment.
3. Validate that opening balance + transactions = closing balance in the base currency.
4. Flag any transactions where exchange rates seem inconsistent for client review.

Excel setup

• Include columns for: original currency, amount, exchange rate, base currency amount
• Add a separate column for FX fees
• Use formulas to calculate base currency totals automatically
• Document the exchange rate source (bank rate, mid-market, etc.)