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.
Take Note:
- Purchasing and Sales module should have a status of revalued first before closing the General Ledger. Hence it will prompt a message
"AP and AR Modules needs to be revalued first before setting GL status to closed."
- No unposted transactions. Hence, Batch posting screen will display.
Here are the steps on how to Revalue Currency:
- Create a transactions from General Journal (Functional to Foreign Currency). then Click save and post.
- 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 details
- Filter the Transaction ID and verify the details
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