Do not restate foreign currency
You can choose not to restate foreign currency balances in selected GL accounts. You must specify that the account is to be ignored from the revaluation process.
Disabling the FX Restatement process for a GL account means the balance is recognised at the original posted values. Realisation journals will be required to clear any remaining FX balances within the account.
Step 1: Navigate to the Ledger menu > chart of accounts > select GL account > edit > tick "Do not restate foreign currency"
Step 2: Select from what period to Do not restate
We recommend using the current period option, otherwise you have to delete the revaluation journals in prior periods.
“Do not restate” from Current period
- Tick “Do not restate” on the selected accounts
- If you have already run the revaluation for the current period you will need to delete this
- Run a GL Verification
- Do the restatement at the end of the month for the current month
“Do not restate” from the beginning of the financial year
- Tick “Do not restate” on the selected accounts
- Delete the existing Unrealised Gain/Loss journals in every period of this financial year
- Run a GL Verification
- Do a restatement that covers each period of this financial year.
“Do not restate” for Select period
Previous Period
- Tick “Do not restate” on the selected accounts
- Delete the existing Unrealised Gain/Loss journals in every period to and including the selected period
- Run a GL Verification
- Do a restatement that covers each period including the period selected
Future Period
- Tick “Do not restate” on the selected accounts
- Run a GL Verification
Do the restatement at the end of the month for the current month
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