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''Menu: GL | Foreign Bank Adjustment...'' | ''Menu: GL | Foreign Bank Adjustment...'' | ||
* To | '''Purpose:''' | ||
* To revalue the foreign bank balance | |||
* Calculate and post double entry for the unrealize FOREX gain/loss | |||
==Introduction == | ==Introduction == | ||
We can use Foreign Bank Adjustment to <b> | We can use Foreign Bank Adjustment to <b>revalue the bank balance every end of the month</b>. | ||
<br /> | <br /> | ||
Refer this ledger: | Refer this ledger: | ||
::[[File: | ::[[File:GL-Foreign Bank Adjustment 1.jpg | 400PX]] | ||
<br /> | <br /> | ||
Local Balance is now RM | Local Balance is now RM 57,350 and you wish to revalue it using month exchange rate 4.50000 to get the local balance RM 56,250. How to do? | ||
=Foreign Bank Adjustment Entry == | |||
1.Click on <b>New</b> | 1. Click on <b>New</b> | ||
<br /> | |||
2. Enter the date, eg. end of the month | |||
3. Click on '''Bank Revalue button''' | |||
::[[File:GL-Foreign Bank Adjustment 2.jpg]] | |||
<br /> | |||
4. Choose the foreign bank, system will get the bank balance from the ledger as per the date. | |||
5. Enter the '''Revalue currency rate''', eg. 4.5000. System will auto calculate the unrealize FOREX gain/loss. | |||
::[[File:GL-Foreign Bank Adjustment 3.jpg]] | |||
<br /> | <br /> | ||
6. Click <b>OK</b> to proceed. | |||
<br /> | <br /> | ||
7. Click on <b>Save</b> | |||
::[[File:GL-Foreign Bank Adjustment 4.jpg]] | |||
==Ledger Report == | ==Ledger Report == | ||
After foreign bank adjustment, local bank balance '''has been revalued to RM56,250'''. | |||
<br /> | <br /> | ||
::[[File: | ::[[File:GL-Foreign Bank Adjustment 5.jpg]] | ||
Latest revision as of 03:19, 5 October 2022
Menu: GL | Foreign Bank Adjustment...
Purpose:
- To revalue the foreign bank balance
- Calculate and post double entry for the unrealize FOREX gain/loss
Introduction
We can use Foreign Bank Adjustment to revalue the bank balance every end of the month.
Refer this ledger:
Local Balance is now RM 57,350 and you wish to revalue it using month exchange rate 4.50000 to get the local balance RM 56,250. How to do?
Foreign Bank Adjustment Entry =
1. Click on New
2. Enter the date, eg. end of the month
3. Click on Bank Revalue button
4. Choose the foreign bank, system will get the bank balance from the ledger as per the date.
5. Enter the Revalue currency rate, eg. 4.5000. System will auto calculate the unrealize FOREX gain/loss.
6. Click OK to proceed.
7. Click on Save
Ledger Report
After foreign bank adjustment, local bank balance has been revalued to RM56,250.
