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VT Transaction+

Navigation: Multi-currency accounting

Revaluing currencies

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Currencies can be revalued at any time by choosing the Set Up>Currencies, Departments And Lists>Revalue Currencies command. Currencies should be revalued:

Whenever you prepare accounts for the business. The rate should be the closing rate on the last day of the accounting period. The revaluation transaction should be dated the last day of the accounting period. You should chose the revaluation command even if rates have not changed, as this ensures no residual balance is left on the Debtors: Translation differences account at the date of the balance sheet

Every month for the months in which you enter currency transactions. If rates fluctuate significantly, you should revalue more often. Theoretically, you could revalue every day. The date of the revaluation transaction is unimportant, but is best if it coincides with the end of an accounting period. Where possible, you should not revalue currencies until all transactions for a period have been entered

When you revalue currencies, a Currency revaluation (CRV) transaction is always created. The window for this type of transaction has additional tabs that show the old and new exchange rates and how the exchange gain or loss is made up based on currency account balances. Currency revaluation transactions can be displayed at any time by choosing the Display>Currency Revaluations command.

To see how multi-currency works in practice in VT Transaction+, please refer to the Multi-currency examples.