multicurrency

[edwardcateuse]

I have set up an GL account with a default currency of USD. The Functional Currency of the company is GBP.

There is a balance in the account. Shouldn't this balance be converted at the current exchange rate and shown on the Trial balance ? However when I print the trial balance the transaction balance is not shown at current exchange rate.

Is there any way to change this behaviour.

 

[Jay Converse]

Balances are never changed when exchange rates change, you need to run a revaluation to change them.

 

[edwardcateuse]

I have been struggling to set up revaluation. What I have done is the following so far:
1) Set up revaluation code called REVAL
2) Set up code REVAL in G/L Accounts
3) Run g/l periodic processing-> create revaluation batch

I get an error 1)"Revaluation code is not defined in G/L Revaluations Codes." 2) You must enter exchange rate that is greater than zero.

Exchange rates are already set up in g/l and we have used these with type "earlier" to post all transactions. We then put a new exchange rate for the next month hoping revaluation will pick that up.

 

[Jay Converse]

Are you sure that's the actual error message? It doesn't sound right.

 

[edwardcateuse]

Thats what I get and I am confused as I have done everything that the manual says.

 

[Jay Converse]

Run RVSPY to see what code it's really looking for.

 

[edwardcateuse]

I realised I was filling only half information on the form...sorry and thanks for the help