Advanced Multi Currency

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This module allows revaluation of foreign currency and unrealized gain/loss in foreign currency.

Go to Tools > Program Control > Module Setting

Check the checkbox of Advanced Multi Currency to enable it.

 

 

Add A/R Invoice with Foreign Currency

 

Before all, let's say I have added an A/R Invoice for USD 4,000 (at the rate of 3.5000).

Go to G/L > Journal Of Transaction

Define filter options,

Click on Inquiry,

 

 

module92b

 

 

Go to G/L > Ledger Reports,

Define filter options and click on Inquiry,

 

 

module92c

 

 

 

Foreign Currency Revaluation

 

This is to revaluate all outstanding transaction in foreign currency, and to find out if there is any unrealized gain/loss according to current exchange rate. Each revaluation will auto generate journal entries should there is unrealized gain/loss. The last revaluation rate will be recognised and compared with subsequent revaluation or payments.

 

Go to G/L > Foreign Currency Revaluation

Click on New,

 

 

module92

 

Click on Yes

Key in Description, assign G/L accounts and journal type,

Confirm the date and revaluation currency rate,

Click on Start Revalue...

 

 

module92a

 

Description: define description for journal entries

Unrealized Account/Journal Type: assign respective G/L account for posting purpose.

Journal Voucher No: this number is auto-run. However you may click on the field to key in any voucher number.

Date: date of revaluation

Revalue Currency: key in the latest rate on the date of revaluation

Start Revalue: click on this button to execute the revaluation

Main tab: this page will list down related bills info and amount of unrealized gain/loss (right-most column) based on revaluation date and rate. Only outstanding bill will be listed, those already knocked off will not be listed.

G/L Accounts tab: this page will list down foreign-currency accounts (general ledger accounts), home balance and amount of unrealized gain/loss (right-most column) based on revaluation date and rate.

 

After Saved;

(1) The revaluation is not allowed to edit. You may only view, print or delete the revaluation.

(2) Journal Entry will be auto-generated should there was unrealized gain/loss.

(3) Not allowed to edit or delete transactions (in foreign currency) prior to the date of revaluation.

(4) The revaluation rate will be recognised as the last currency rate, and will be referred to

- in subsequent revaluation to compare with the then current rate, to derived at another unrealized gain/loss (if any).

- in subsequent payment to compare with the then exchange rate, to derived at the Gain/Loss on Foreign Exchange.

 

 

Click on Save, Close...

 

 

Go to G/L > Journal Of Transaction

Define filter options,

Click on Inquiry,

 

 

module92d

 

 

Go to G/L > Ledger Reports,

Define filter options and click on Inquiry,

 

 

module92e
 

 

 

 

Subsequent Revaluation

 

Let say the subsequent revaluation took place after one week, and the currency rate for USD is: 3.4200 ;

Go to G/L > Foreign Currency Revaluation

Click on New, Yes,

 

 

module92f

 

As compared to previous revaluation (at the rate of 3.4500), new Revaluation Rate (3.4200) caused a Unrealized Loss of  120.00

Click on Save, Close..

 

 

module92g

 

 

Go to G/L > Journal Of Transaction

Define filter options,

Click on Inquiry,

 

 

module92h

 

 

Go to G/L > Ledger Reports,

Define filter options and click on Inquiry,

 

 

module92i

 

 

 

Unrealized Gain/Loss

 

This is the same as Foreign Currency Revaluation, which is to revaluate all the outstanding transactions in foreign currency, and to find out if there is any unrealized gain/loss according to current exchange rate.

The difference is: each revaluation will also auto generate the journal entries should there is unrealized gain/loss, but the entries will be reversed on the next day; which means the original (initially traded) exchange rate will remain and be recognised and compared with the subsequent revaluation or payments.

 

Go to G/L > Unrealized Gain/Loss

Click on New,

 

 

module92j

 

Click on Yes,

Key in Description, assign G/L accounts and journal type,

Confirm the date and unrealized currency rate,

Click on Start Unrealized...

(please note that the date is 14/09/2009)

 

 

module92k

 

Description: define a description for journal entries

Unrealized Account/Journal Type: assign the respective Gain/Loss Accounts for posting purpose (sales/purchase ledger). Both G/L Gain/Loss Accounts are used for G/L Accounts tab (general ledger accounts).

Journal Voucher No: this number is auto-run. However you may click on the field to key in any voucher number.

Reversed Journal Voucher No: this number is auto-run. However you may click on the field to key in any voucher number.

Date: the date of unrealized.

Unrealized Currency: key in the latest rate on the date of unrealized

Start Unrealized: click on this button to execute the unrealized

Main tab: this page will list down related bills info and amount of unrealized gain/loss (right-most column) based on unrealized date and rate. Only outstanding bill will be listed, those already knocked off will not be listed.

G/L Accounts tab: this page will list down foreign-currency accounts (general ledger accounts), home balance and amount of unrealized gain/loss (right-most column) based on unrealized date and rate.

 

 

After Saved;

(1) (for one day) the unrealized is not allowed to edit. You may only view, print or delete the revaluation.

(2) Journal Entry will be auto-generated should there was unrealized gain/loss. The reversed entries will be auto-generated on the following day. The original exchange rate will be restored.

 

Click on Save, Close...

 

Go to G/L > Journal Of Transaction

Define filter options,  (filter the date till 14/09/2009)

Click on Inquiry,

 

 

module92l

 

 

Define filter options,  (filter the date till 15/09/2009)

Reversed entries is generated..

 

 

module92n

 

 

Go to G/L > Ledger Reports,

Define filter options and click on Inquiry,

(filter the date till 14/09/2009)

 

 

module92m
 

 

(filter the date till 15/09/2009)

 

 

module92o

 

 

 

 

Subsequent Revaluation

 

Let say the subsequent revaluation took place after one week, and the currency rate for USD is: 3.4200 ;

Go to G/L > Unrealized Gain/Loss

Click on New, Yes,

 

Key in Description, assign G/L accounts and journal type,

Confirm the date and unrealized currency rate,

Click on Start Unrealized...

(please note that the date is 21/09/2009)

 

 

module92p

 

Click on Save, Close...

 

Go to G/L > Journal Of Transaction

Define filter options,  (filter the date till 21/09/2009)

Click on Inquiry,

 

 

module92q

 

 

Define filter options,  (filter the date till 22/09/2009)

Reversed entries is generated..

 

 

module92r

 

 

Go to G/L > Ledger Reports,

Define filter options and click on Inquiry,

(filter the date till 21/09/2009)

 

 

module92s
 

 

(filter the date till 22/09/2009)

 

 

module92t

 

 

 

 

 

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