Account balances denominated in foreign currencies are adjusted through the revaluation procedure. Revaluation adjustments show how the dates of the original journal and the revaluation differ in terms of account balances because of variations in exchange rates.
Create a Manual Journals
1.
From General Accounting click on Journals.
2.
Enter the Journal
Batch, Description, and Accounting
Period in the Journal Batch
section.
3. Enter the Journal, Description, Ledger,
Accounting Date, category,
Conversion Rate, and currency in the Journal section.
4.
Enter the Account combination and
amount on the Debit and Credit sides.
5.
Click on Save,
Complete, and Post.
Revaluate Balances
6.
From General Accounting click on General Accounting Dashboard.
7.
From the Task list click on Revaluate
Balances.
8.
Click on the Plus sign.
9.
Enter the Name,
Description, Chart of Accounts, Currency,
and Conversion Name.
10.
Enter the Unrealized
Gain Account and
the Unrealized Loss Account.
11. Click on the Plus sign.
12. Click on the Account Filter sign.
13. Click on the Add
fields.
14.
Select the Account.
15. Select Equals and choose
the Account Number.
16.
Click on OK.
17. Click on the Plus sign.
18. Click on the Account Filter sign.
19. Click on the Add
fields.
20.
Select the Account.
21.
Select Equals and
choose the Account Number.
22.
Click on OK.
23. Click on Save.
24. Click on Generate.
25. Select the Ledger, Revaluation Name,
Accounting Period, Accounting
Date, and
Rate Date.
26. Click on Submit.
Scheduled processes
27. From Tools click on Schedule
Processes.
28. The status for the request
became “Succeeded”.
31. In the search tab select the Accounting
period.
32.
Click on Search.
33. Click on the Journal that starts with “Revaluate”.
34. The Journal has been automatically created
according to our setup.
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