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Revaluation |
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Revaluation is used to compute the unrealized gain or loss need to adjust the base currency value of foreign denominated asset or liability accounts using a given rate of exchange.
Revaluation transactions are created for each foreign denominated account using the most recent rate for the currency ID and rate type specified when the revaluation process is run. Account balance revaluations may be done as many times as necessary each period.
A journal will be generated for each currency with accounts to be revalued. A Document ID with a prefix of "RV" followed by the year, month and day of the revaluation post date will be assigned to the journal.
Steps for revaluing the base currency balance of foreign denominated accounts:
1. Specify the revaluation post date to be used update the account base currency balances.
2. Uncheck any currencies on the Revaluation - Currency tab for which you do not wish to revalue accounts assigned to that currency.
3. If a Currency is checked, all accounts assigned to that currency will automatically be checked also. Uncheck specific accounts for a given currency on the Revaluation - Accounts tab.
You may modify the Rate Type and Effective Date for each checked Currency.
4. Click on the Revalue Account Balances button to calculate unrealized gains and losses and generate the journals to update the account base currency balances.
5. Use Find Journal to locate the account balance revaluation journals.
See also Processing Example; Revaluation and Revaluation - Accounts screens.
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