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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? | 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 /> | <br /> | ||
2.Enter | 2. Enter the date, eg. end of the month | ||
::[[File: | 3. Click on '''Bank Revalue button''' | ||
::[[File:GL-Foreign Bank Adjustment 2.jpg]] | |||
<br /> | <br /> | ||
3.Click on <b>Save</b> | 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 /> | |||
6. Click <b>OK</b> | |||
7. Click on <b>Save</b> | |||
::[[File:GL-Foreign Bank Adjustment 4.jpg]] | |||
==Ledger Report == | ==Ledger Report == | ||
Revision as of 03:03, 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
7. Click on Save
Ledger Report
Now, back to ledger report select the Foreign Bank and you will realized that Local Balance had been adjusted to RM 23,500.
