A very useful feature for companies that has oversea banks.
By using this feature, user is able to reevaluate the bank foreign currency with the current currency rate.
Adjustments (differences due to the currency rate change) will then be posted to the Unrealize Forex Gain / Loss account.
Making it easy for business owners to evaluate their overseas business performance for future planning.
- Files > Modules
- Tick Advance Currency
- Maintenance > Default Interface Accounts.
- Notice two additional settings
- General Ledger > Chart of Accounts. Notice two additional accounts also
- Create a new bank account
Enter GL account code and bank name. Currency as USD. Tick Revaluation Required. Save
- Create a Receipt Voucher. Deposit to PBB USD
- View GL Transaction.
The debit and credit is RM 40,000 as the currency rate is 4.0
- Maintenance > Currencies > USD.
Set the Currency Rate By Periods
example the currency rate is 4.3 for December 2021
- When next month, need to reevaluate the currency rate.
Go to Advance Currency > Auto Revaluation – GL
Enter date and account. Click Generate.
Notice the Adjustment amount after Revaluation
- GL > Bank Reconciliation. Notice that Debit Foreign is still remain as RM 10,000
- Advance Currency > GL Multi Currency Report. Enter Date and Account. Click Preview.
- Notice there is RM 3,000 of adjustment