Revaluing closing balances: Difference between revisions
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(New page: image:currencyfile.jpg In the above screen shot, as you would expect, the rate dated 31/12/2007 be used for normal transactions until exactly 31/12/2007. However when you revalue th...) |
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[[image:currencyfile.jpg]] | [[image:currencyfile.jpg]] | ||
According to the above screen shot the rate dated 31/12/2007 will be used only for normal transactions dated exactly 31/12/2007. | |||
Transactions dated up to 30/12/2007 will use the rate effective from 1/1/2000. | |||
Transaction dated from 1/1/2008 onwards will use the rate effective on the 1/1/2008. | |||
All the above is fairly obvious, however, when you use the NEOSYS revaluation program to automatically revalue the closing balances of 2007 (as at 31/12/2007) NEOSYS will use the rate of the following day, in other words that of 1/1/2008. | |||
This perhaps surprising procedure is actually logical because: | This perhaps surprising procedure is actually logical because: | ||
# The currency file rates are effective from the START of the day in question | # The currency file rates are considered to be effective from the START of the day in question | ||
# Revaluation is logically at the END of the day | # Revaluation is logically at the END of the day | ||
# The rate at the END of the day is logically the rate at the START of the following day | # The rate at the END of the day is logically the rate at the START of the following day | ||
Revision as of 08:33, 10 April 2008
According to the above screen shot the rate dated 31/12/2007 will be used only for normal transactions dated exactly 31/12/2007.
Transactions dated up to 30/12/2007 will use the rate effective from 1/1/2000.
Transaction dated from 1/1/2008 onwards will use the rate effective on the 1/1/2008.
All the above is fairly obvious, however, when you use the NEOSYS revaluation program to automatically revalue the closing balances of 2007 (as at 31/12/2007) NEOSYS will use the rate of the following day, in other words that of 1/1/2008.
This perhaps surprising procedure is actually logical because:
- The currency file rates are considered to be effective from the START of the day in question
- Revaluation is logically at the END of the day
- The rate at the END of the day is logically the rate at the START of the following day
