The revalue process is designed to be run on a monthly basis in order to provide an accurate home currency valuation of outstanding Purchase or Sales Control accounts, or Nominal Accounts.
The process can be run to provide a report for reference, or to post a reversing journal, to update the relevant control account(s) for Debtors and Creditors. In the case of the Nominal Revaluation, a journal cannot be created.
Running the process for individual currencies allows manual entry of an exchange rate, but running all currencies, uses the exchange rate set for that currency.
The journal created has no effect on the Customer or Supplier outstanding values, so, the Aged Reports found in both ledgers will not be affected. Therefore there will be a difference between the sum of the control accounts and the aged debt/credit.
To generate the report, follow these steps:
Click on System menu.
Select Trading Currency.
To revalue all, select either All Debtors or All Creditors.
If an individual currency has been selected then the exchange rate can be entered at this point.
If a revaluation journal is required for Debtors or Creditors, tick the relevant box
Amend the export file type as necessary.
Use the Preview button to check the changes if required.
Press the Next button to export the report. This can be found in the folder typically located here: C:\Users\user.name\Documents\Access Accounting Ltd\DimensionsX\Dimensions Reports
Once the report has been successfully exported, the Next button will proceed to the journal (if this was set to create for Debtors/Creditors). Otherwise, use the Finish button to complete the process
To process the Journal:
Enter the relevant settings for the journal and press Finish.
Journals will reverse in the period following that selected either at the time of posting or when the period end is run (unless Do Not Reverse is selected).
Click the Finish button to post the journal.
If the Batch Transaction option has been checked, then the journal can be posted from the Recurring Journals batch found in the Financials area.