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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Revision as of 05:31, 10 April 2008
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:
- The currency file rates are 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
