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kucak
January 28, 2022
Question

Fixing Currency Revaluation

  • January 28, 2022
  • 1 reply
  • 0 views

Over a year ago (in 2020) we did a currency revaluation, however, there was an issue where we accidentally revalued an account that should not have been included in the revaluation. I am wondering if we can simply delete the Journal Entry from 2020 and then redo 'Revalue Currency' by selecting the old date?

1 reply

G
Giovann_G
January 28, 2022

You're on the right track, kucak.

 

You can simply delete the home currency adjustment journal entry. Then re-run the Revalue Currency procedure. To prevent a repeated incident, please double-check that you've picked the correct date.

 

Here's how:

 

  1. Go to Settings ⚙.
  2. Select Currencies under LISTS.
  3. For the currency in question, choose Revalue currency from the dropdown under Action.
  4. Click the Revalue history tab.
  5. Open the one you want to delete.
  6. Hit More at the bottom, then Delete from the resulting popup menu.

 

I've added the following articles below for more information in managing Multi-currency features:

 

 

If you need further assistance in managing your currency, leave me a comment below. It's always a pleasure to help you.

K
kucakAuthor
January 29, 2022

Just to clarify, if I do a "Revalue Currency" and select a date from 2020, will it create the new Journal Entries based on the account balances at the "specified" date (i.e. not the current account balances)?

S
SarahannC
January 29, 2022

Hello there, @kucak. Thanks for getting back here.

 

If you need to change the date or the exchange rate, you'll have to delete the journal entry and run the currency revaluation again.

And, yes, this will create new journal entries based on the account balances to what date you've selected. Since you'll be working in the year 2020, probably, your book is already closed.

 

You'll have to ensure that you have your book opened to do the revaluation of the currency. I highly recommend consulting your accountant to ensure your data and accounts will remain accurate after the process of revaluation. 

 

You can get more insights from these links:

 

 

If you have follow-up concerns, please let us know anytime. We'll be glad to help you further, kucak. Stay healthy!

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