Revaluation of General Ledger

Revaluation of General Ledger Written by Mohamed Nasiruddin


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”.

Manage Journals

29.   From General Accounting click on Journals.

30.   Click on Manage Journals.

 

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.