4.3 Process

This function is mainly used to evaluate foreign exchange rate differences for foreign currency items.

4.3.1 Ex.Rate Difference Evaluation

Foreign Exchange Revaluation During the Period

· Select the foreign currency Account to be evaluated

· Exchange Gain/Loss Account: Press F3 to select from the account list.

· Start Date / End Date: Specify the period for which the foreign exchange revaluation will be performed

Click Load for the system to retrieve all receipt and payment vouchers within the period that are related to the account being evaluated

Click Calculate for the system to compute the average exchange rate during the period and determine the gain or loss difference. The exchange differences will be automatically recorded in the corresponding revenue or expense vouchers. Click Evaluate to save the vouchers.

After recalculating the average exchange rate, all payment vouchers related to this foreign currency account will be updated with the new exchange rate

4.3.2 Ex.Rate Difference End of Period

This function is used to perform end-of-period foreign exchange revaluation for foreign currency items.

· Account Diff/ Profit Account/ Loss Account: Press F3 to select from the account list

· Buying Rate: End-of-period buying exchange rate.

· Selling Rate: End-of-period selling exchange rate.

· Voucher No: Automatically generated in sequential order

· Description

· From date

· Currency ID: The foreign currency to be revaluated at period-end

Similar to the Foreign Exchange Revaluation function, after clicking Load, all foreign currency accounts with ending balances will be displayed in the data grid. Click Calculate for the system to compute the difference between the end-of-period exchange rate and the current balance conversion rate.