Revaluation is changes in the value of a country's currency relative to other currencies. Transactions can be made in different currencies, International companies can make purchases in foreign currency, whereas their Functional Currency is the home currency.
Pre-condition:
- Assign the current exchange rates of the foreign currency to functional currency.
Go to Common info > Currency Exchange rate. - Close the period to be revalue. Go to Fiscal Year > Open the Fiscal Year of the period to revalue > Close the period of the module.
Here are the steps on how to Revalue Currency:
- From General Ledger menu, click revalue currency
- Click new button to open blank revalue multi-currency screen.
- Fill in the blank details the Fiscal Period and the Transaction Type. It will automatically load the transactions together with the transaction ID's
- Filter the Transaction ID and verify the details
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