Revaluing closing balances

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Revision as of 05:31, 10 April 2008 by Ashwin (talk | contribs) (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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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 the closing balances of 2007 it will revalue using opening rate of the following date i.e. 1/1/2008.

This perhaps surprising procedure is actually logical because:

  1. The currency file rates are effective from the START of the day in question
  2. Revaluation is logically at the END of the day
  3. The rate at the END of the day is logically the rate at the START of the following day
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