Foreign Currency Deposit Account Opened (USD)
A customer opens a USD savings account and deposits USD 10,000.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| USD Nostro / Cash in USD | Asset (+) | 7,090.00 | - |
| Customer USD Deposits (JOD equivalent) | Liability (+) | - | 7,090.00 |
💡 Accountant's Note
Foreign currency deposits are recorded in JOD at the prevailing exchange rate on the deposit date. Both the asset (USD nostro) and the liability (customer USD account) are monetary items subject to revaluation at each reporting date. The customer's account statement shows the balance in USD.
Practitioner & Systems Framework
💻 ERP Architecture
In Oracle FLEXCUBE, foreign currency accounts are managed as FX CASA accounts with the USD as the account currency. The GL reflects JOD equivalent, with revaluation run at EOD using the CBJ official rate. In SAP, FX accounts use the company code's reporting currency with parallel ledger for FC reporting.
⚠️ Audit Flags
Auditors verify that revaluation uses the CBJ official rate (not the bank's commercial rate). FX deposit volumes and concentration by currency are reported to CBJ weekly. AML screening applies to all foreign currency cash deposits.
📄 Required Documentation
Account opening form (same as JOD account), exchange rate confirmation on deposit date, initial deposit receipt, and CBJ FX position impact report.
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Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.