Currency Revaluation

The process will recalculate the local value of invoices that have an outstanding balance. The transaction is revalued at the current rate on the currency code. After processing, run the Revaluation Report to see the difference. You must post this difference to the General Ledger by creating the journal entries.

Note that the currency must be setup as a pre-requisite. This is done in the Setup menu -> System Tables Setup -> Currency Setup. You can create the currency and its attributes and click save.

Choose the currency and the module and note the display of the exchange rate at the current value.

Click “Preview Invoices” to see these invoices before the report is run. This report shows the foreign balance and the local balance. The Revaluation Adjustment column shows the difference in exchange rate between when the invoice was originally valued and the current value.

Then you can click the “Run Revaluation” to run the report. Confirmation will display that the process is complete and you will be directed to the Revaluation Report (or can navigate to it on the left panel).

Note - Depending upon settings in A/R module -> Admin -> A/R System Setup, Email Notifications section, one or more users may be notified that the currency revaluation was completed.

Click on the ID to see details of the revalued invoices

This does not change the amount due from the customer and it does not change the original G/L amounts. This changes the Local Currency Current Value. Take this example from the above report:

Originally, this invoice was CA$100 and it was valued at US$80.65. Given the change in currency value over time, that CA$ is now worth only US$80.00. Clicking on the invoice ID this can be seen in the invoice details:

The total $587.42 must now be entered into the GL as a manual journal entry for gain/loss in currency exchange.