Revaluation of journal entries
When we book a journal in a foreign currency on a general ledger account which has the box ticked “revalue open balance for Foreign Currency Transactions” it doesn’t appear in our “revalue open currency balances”. Does anyone know if this is correct and how you can get it reevaluating?
Thank you in advance,
If the transaction is marked to revalue foreign currency transactions then there can only be a few reasons why it is not revaluing.
- The journal for some reason is in base currency rather than foreign currency
- The account that is posts to is not marked for revaluation, go to lists>accounting>accounts and check the account again.
- The exchange rate for posting the journal is the same exchange rate at the time of running the reval.
Other than that it should revalue.