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FX (Foreign Exchange) Revaluation

Automate the FX revaluation of Receivables, Payables, Bank Accounts, and Accrued/Deferred Revenue

Overview:

The foreign exchange revaluation feature enables you to revalue balances in your Receivables, Payables, Bank Accounts, and Accrued/Deferred Revenue. 

Prerequisites: 

Steps:

  • Navigate to General Ledger>FX Revaluation
  • On the Search FX Revaluation landing page, you will see any existing FX revaluations and  can scroll through the list or use the filter section for a more targeted search.  

    Create a New FX Revaluation

    Steps:

    • Navigate to Accounting>General Ledger>FX Revaluations
    • On the Search FX Revaluation landing page, select CREATE A NEW FX REVALUATION
    • On the Create FX Revaluation Page there are a few options 

    Screenshot 2024-09-08 at 9.50.25 PM

    Options Description 
    Accounting Year  Select the accounting year 
    Accounting Month  Select the account month.
    Get FX Rates From Current Rates

    Select the foreign exchange rates to be used for revaluation. 

    Current Rates: Default rates that are setup in the system. To learn more about setting up default exchange rate click here

    Consolidated Rates: Via the Consolidated Exchange Rates link and data is populated from Xignite,  subscription required. To learn more click here.

    Monthly Rates: Select a specific report rate based on the month it was created. 
    Revaluation Types

    Select the transactions with FX movements to revalue:

    • Receivables
    • Payables
    • Bank Accounts
    • Accrued Revenue
    • Deferred Revenue

    You can select one or more. 
    Offices  Select multiple offices or single office to revalue 
    Currencies  Select multiple currencies or a single currency to revalue 
    • Select the parameters required for the FX Revaluation and select Next 
    • You will be directed back to the Search Revaluation landing page, and you will notice that unapproved revaluation entries have been created. 
    • Click on a revaluation to access a detailed view

    • Select Post and view the journal to see the impact to your General Ledger.