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Currency Revaluation - Income Statement

  • 15 July 2022
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I have a client that would like to perfom the currency revaluation on their Income Statement accounts using an average rate for the month.  They plan to only enter rates once per month at the end of each month.  I created a new currency rate type (calling it average) that I was going to use for these accounts.  However, It appears that only Assets and Liability accounts can be revalued in the Accounting Currency (see below for message when entering a Cost account)

 

 

I have explained that IFS captures the rate as of the transaction date so the revaluation of the income statement accounts would not be needed if rates are entered daily, but they prefer to use the method they currently use, which is converting the Income Statement using the average rate for the month.

 

Has anyone run into this issue or have any suggestions?

 

 

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Best answer by MadushaDissanayake 18 July 2022, 13:14

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Hi @CBKLeasure ,

Please note Currency Revaluation on Account Types - COST & REVENUE is supported for Parallel Currency only scenario. 

Other two options of Revaluation Currency [which are Accounting Currency and Accounting/Parallel Currencies], are supported for Account Types - ASSETS & LIABILITIES only.

Therefore, when you try to enter an account with Account Types - COST & REVENUE and Revaluation Currency as Accounting Currency or Accounting/Parallel Currencies, the mentioned validation error will appear.
 

Thanks and Best Regards

Madusha

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