In BizCentric, it’s possible to record accounting entries using various currencies. For instance, if you hold a bank account denominated in a foreign currency, transactions can be conducted in that currency, and the system will display the bank balance accordingly.

The Exchange Rate Revaluation master serves the purpose of aligning the balances within General Ledger accounts to reflect alterations in currency exchange rates. This functionality proves beneficial when finalizing accounting records and necessitates updating the company’s GL accounts by transferring funds from accounts denominated in other currencies.

Note: From BizCentric , Exchange Rate Revaluation can handle Foreign Currency Accounts that have ‘0’ balance in either Base or Account Currency. A Separate Journal of type ‘Exchange Gain/Loss’ will be created in draft status for them.

To access the Exchange Rate Revaluation list, go to:

Home > Accounting > Multi Currency > Exchange Rate Revaluation

1. How to set up currency in an account

1. To initiate multi-currency accounting, begin by designating the accounting currency within an Account record.
2. When creating an account, you have the option to specify the currency from the Chart of Accounts.
3. Additionally, for existing accounts, you can assign or modify the currency by accessing the respective Account record.
4. Simply click on the Account, then select Edit.

2. How to enable Exchange Rate Revaluation

Exchange Rate Revaluation feature is for dealing with the situation when you have accounts with different currencies in one Company’s Chart of Accounts.

1. Go to: Setup > Company > select the company.
2. Configure the ‘Unrealized Exchange Gain/Loss Account’ field in the Company DocType. This account is utilized to reconcile the variance between the total credits and total debits.
3. Go to Accounting > Setup > Exchange Rate Revaluation > New.
4. Select the Company.
5. Select the ‘Get Entries‘ button. This action will retrieve the accounts that are denominated in currencies other than the ‘Default Currency’ specified in the Company settings.
6. This process will automatically retrieve the new exchange rate if it has not been set in the Currency Exchange DocType for that currency. Otherwise, it will fetch the ‘Exchange Rate’ that has been specified in the Currency Exchange DocType..
7. On Submitting, Create Journal Entry button will appear. 
8. Selecting this button will generate a Journal Entry for the Exchange Rate Revaluation.
9. On submitting the Journal Entry, the general ledger is affected.

3. Automate Exchange Rate Revaluation Creation

The option for automatically creating Exchange Rate Revaluation entries can be found in the Company master, within the ‘Exchange Rate Revaluation Settings’.

4. Related Topics

1. Inter Company Journal Entry
2. Inter Company Invoices