What is Currency Revaluation?
Legal requirement to be completed as a Year End Process . Can also be completed as a Month End Process.
We recommend adjusting currency for only one organisation (Entity) at a time.
The Currency Revaluation module is used to automatically adjust the exchange rate of foreign currencies.
- Select the required Currency.
- In Nominals select all the nominals for the required entity.
- To make sure currency is only adjusted for transactions in Balance Sheet nominals, select Balance sheet.
- Select the period you want to revalue transactions up until in Revalue up to period.
- Enter the date the new currency rate applies from in Revaluation date.
- In Posting options, so the adjustment document is posted correctly:
- Document type — select FXWO - Foreign Exchange Write Off
- Nominal — for required entity, select the 9825 - Exchange Rate Variance nominal
- Account — only if your organisation set up accounts on the Exchange Rate Variance nominal
- Period — select the period to post the exchange rate adjustments to
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To check the correct exchange rate is being applied and the adjustment values being posted, select Preview.
If the exchange rate is incorrect, change the currency rate, then run the Currency Revaluation module again.
- Post the document with the adjustment values.