Month-End Foreign Currency Revaluation

JobBag can restate foreign currency balances in your Balance Sheet using the exchange rate applicable at the end of the period.

This ensures your consolidated financial statements (system currency) reflect current values and that unrealised FX gains and losses are automatically posted to the General Ledger.

A dedicated report is also available to show how the unrealised gain or loss has been calculated.

How the Revaluation Works

• The system compares the original system currency value of each foreign currency balance with the value at the month-end rate.

  The difference is posted to the nominated unrealised gain/loss accounts.

  For each run, JobBag creates:

  • A journal in the current month
  • An automatic reversing journal in the following month

This applies to:

• Trade Debtors
• Trade Creditors
• Foreign currency bank accounts
• Any balance sheet account with an unrealised gain/loss account mapped

Before You Start

✔ Ensure your unrealised FX control accounts are set up and mapped

✔ Download the latest foreign exchange rates for the period end

✔ All transactions for the period should be posted

Month-End Revaluation Process

Step 1: Run a GL Verification

1. Go to Ledger menu > GL Verification
2. Click Run

Step 2: Restate the General Ledger

1. Navigate toLedger menu > Restate General Ledger
2. Highlight the month to be processed
3. Click Run

When the restatement is successful, a confirmation message will appear.

Step 3: Re-run GL Verification (if required)

Run another GL Verification to confirm the ledger remains in balance after the restatement.

Step 4: Repeat as Required During Month-End

You can run the revaluation multiple times during month-end while reviewing your figures.

Step 5: Finalise the Month

Once the accounts are final:

1. Delete all interim foreign exchange revaluation journals created during the review process
2. Run a final GL Verification
3. Perform the final foreign currency restatement

Foreign Currency Restatement Report

This report provides a clear breakdown of the unrealised gain or loss.

Run the Report

1. Go to Reports → Financial Reports
2. Select Foreign Currency Restatement
3. Choose the period
4. Run the report

Example – How the Gain/Loss Is Calculated

• Aged receivables total: USD 6,000.00
• System currency value at transaction date: AUD 7,678.57
• Month-end exchange rate is applied
• The variance is posted as the unrealised FX gain or loss

Foreign Currency Journals Created

Each restatement generates:

Current Month Journal

Posts the unrealised gain or loss to the General Ledger.

Reversing Journal (Next Month)

Automatically reverses the entry on the first day of the following period.

Tips

💡 You can run the restatement as often as needed before finalising the month.

💡 Always perform a final restatement after deleting interim journals.

💡 Make sure the latest FX rates are loaded before the final run.