What this screen is for
Invoices in another currency were recorded at the rate on the day. While they remain unpaid, the rate moves, so the balance in your own currency is no longer accurate. Running a revaluation restates them. You set the revaluation date, enter the new rate for each currency and run it. Below the form, the screen lists the open foreign currency invoices with the amount due in both currencies and the rate used, followed by a history of revaluations already run and the entries they produced.
When to use it
Run it at a period end, before preparing accounts, so open balances reflect current rates. Unlike the gain and loss report, this screen creates entries.
What you see on this screen
Run Currency Revaluation is the form: a Revaluation Date, then one line per currency taking the three-letter Currency code and the New Rate expressed in your company currency per unit. Lines can be added and removed, so several currencies can be restated in one run.
Open Foreign Currency Invoices lists what will be affected:
- Invoice — the invoice number
- Customer — who it was raised on
- Currency — the currency it was raised in
- Foreign Due — the amount still outstanding in that currency
- Base Due — the same amount in your company currency, at the rate the invoice carries
- Rate — the rate the invoice is currently held at
Revaluation History records what has already been run, as Entry #, Date, Description, Total Debit and Total Credit — the journal entry each revaluation produced.
Filters and actions
Run Revaluation opens and closes the form. There are no filters; the invoice list is everything still open in a foreign currency, and the history is everything already run. Because this screen writes journal entries, check the rates before running it — the entries it produces appear in the history and in the journal entries list like any other.
Related
- Forex Gain/Loss — differences realised when invoices actually settle
- Balance Sheet — where the restated balances appear