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.

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

1. Tick “Do not restate” on the selected accounts

2. If you have already run the revaluation for the current period you will need to delete this

3. Run a GL Verification 

4. Do the restatement at the end of the month for the current month

“Do not restate” from the beginning of the financial year

1. Tick “Do not restate” on the selected accounts

2. Delete the existing Unrealised Gain/Loss journals in every period of this financial year

3. Run a GL Verification

4. Do a restatement that covers each period of this financial year.

“Do not restate” for Select period

Previous Period

1. Tick “Do not restate” on the selected accounts

2. Delete the existing Unrealised Gain/Loss journals in every period to and including the selected period

3. Run a GL Verification

4. Do a restatement that covers each period including the period selected

Future Period

1. Tick “Do not restate” on the selected accounts

2. Run a GL Verification 

3. Do the restatement at the end of the month for the current month

Please Note

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.

New more help?

Please contact support call 02 8115 8090 or email support@jobbag.com