Revaluing closing balances

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:

1. The currency file rates are considered to be 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