Adding Revaluation Codes

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Deleting Revaluation Codes

G/L Revaluation Codes Screen

Use the G/L Revaluation Codes screen to set up revaluation codes. You assign these codes to multicurrency accounts to specify how to revalue functional currency balances when exchange rates change.

  • Decide on a coding convention, draw up a list of codes and a description for each.

  • Choose the rate type to use for each revaluation code.

    Note: Because you can assign only one rate type to each revaluation code, you must create a separate revaluation code for every rate type you use.

  • Choose the source code to use to track revalued transactions.
  • Determine the exchange gain and loss accounts to which to post revaluation gains or losses for each revaluation code.

To add revaluation codes:

  1. Open General Ledger > G/L Setup >  Revaluation Codes.

  2. Click Create New and then enter the new revaluation code in the Revaluation Code field. You can use up to six characters (letters and numbers) for the code.

  3. In the Revaluation Code Description field, enter a short description of the code, using up to 60 characters.

  4. In the Rate Type field, select a rate type that has been defined for currencies.

    The rate type determines which exchange rate table will be used for revaluations.

  5. In the Source Code field, specify the source code to assign to all transactions created with this revaluation code.
  6. Enter or select the accounts to which to post exchange gains and losses.

    Note: The labels for the exchange gain and loss fields will be either Unrealized or Recognized, depending on the Gain/Loss Accounting Method option selected in the Company Profile.

    Important! You cannot specify an account to which posting is prohibited.

  7. Click Save.
  • Assign the revaluation codes to the relevant accounts and currencies.