Currency revaluation is used to revalue the fluctuations in exchange rates between the source transaction and the payment transaction. To get the currency revaluation record, go to “Transactions > Financial > Revalue Open Currency Balances > List”. The currency revaluation record can also be accessed from “Transactions > Financial > Revalue Open Currency Balances” after completing the “Run revaluation” process for a period.
Transactions included on the Open Receivables and Open Payables subtabs in the record are:
- Type – The type of transaction to be revalued, such as invoice or bill
- Date – Date of transaction
- Payee – Entity to receive payment or credit for the invoice
- Currency – Foreign currency used for the transaction
- Transaction Exchange Rate – Rate of the foreign currency to the base currency used on the transaction
- Ending Exchange Rate – Rate of the foreign currency to the base currency as of the last day of the posting period
- Balance – Foreign currency balance for open receivables or open payables as of the last day of the posting period. Any payments applied in the future periods are ignored.
- Gain/Loss – Difference in the base currency amount calculated as (Ending Exchange Rate minus Transaction Exchange Rate) multiplied by Balance. A positive number indicates a gain.
- Prior Gain/Loss – Accumulated gain/loss amount (in base currency) resulting from prior revaluations, as of the last day of the posting period
- Net Gain/Loss – Difference between Gain/Loss and Prior Gain/Loss (Net Gain/Loss equals Gain/Loss minus Prior Gain/Loss)
The lines shown on the Other Accounts subtab in the record are:
- Account – Name of the foreign currency account
- Currency – Foreign currency used for the account
- Foreign Currency Balance – Account balance denominated in foreign currency
- Base Currency Balance – Accumulated account balance in base currency based on historical transactions
- Exchange Rate – Rate of the foreign currency to the base currency as of the last day of the posting period
- Net Gain/Loss – Difference between the Base Currency Balance and Foreign Currency Balance (Net Gain/Loss equals Base Currency Balance minus Foreign Currency Balance)