How To: Revalue Foreign Currency Accounts
The Sterling value of a nominal can be changed without changing the (for example) Euro figure which appears on the Bank Account screen.
- Open an Accounts screen .
- Go to the
[ Nominal Accounts | Trial Balance ]screen.
- Filter for the date the system will use to revalue the balance, i.e. if you want to revalue as at 28/02/2019 filter for this date.
Note: if you don't filter for the date, the system will use the current balance to revalue against.
- Focus on a foreign bank account.
- Right click to bring up the context menu and select 'Adjust Foreign Bank Account' the following message will appear:
- Click Yes to close the dialog.
- Enter the BASE CURRENCY amount to set the BASE bank value to then click on OK.
- In the dialog, select the nominal account for the difference to be journalled into and then click on OK.
- Click Yes in the Confirm popup. The foreign bank account total will be updated and the new transaction in the bank account will be automatically reconciled (ledger payment).
- The system will use the balance of the selected account based on any date filters applied and not the balance on the posting date specified in the confirmation prompt.
- DO NOT update the reconciled bank account balance OR assign a reconciled ID.
- The changes can be seen by:
- The system does not carry out any conversions, you are simply entering a new base currency figure that has been previously calculated by whatever means you choose, based on whatever exchange rate you wish to use.
- When using this option, you are asked to verify the figure being posted to the foreign bank revaluation nominal, so thatâ€™s a good opportunity to make sure it aligns with what you expect.