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Question

Currency Revaluation Accounting Year basis

  • 19 November 2024
  • 2 replies
  • 21 views

Thakshila Chandrasiri
Do Gooder (Partner)
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Hi Community,

 

If we calculate the currency revaluation for the whole year at the end of period 12 instead of monthly, is there any system issues? Would the system allow it?

 

I had couple of testing and noticed that for Balance sheet accounts total balance is revaluating.

Appreciate your support on this.

 

Best regards,

Thakshila

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Hi, 

Most clients need to report financials every month / every quarter. Traditional accounting policy mandates accurate financial booking / financial reporting.  

Generally, this would be unacceptable. 

Would IFS allow this?   Yes, but that does not imply it’s not required in order to comply with accounting standards. Every country has a flavor of accounting standards. I can’t say with certainty your client would be noncompliant, but taking a guess, they should be doing this every month, especially if the values are bigger than small. 


Thakshila Chandrasiri
Do Gooder (Partner)
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Hi Thomas,

 

Thanks for your input. I accept it. But my customer's group management request to check the feasibility.

 

Best regards,

Thakshila


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