Revalue bank account or outstanding foreign currency invoice

Disclaimer

All screenshots in the article were taken in the Dutch version of Yuki.

In Yuki you can create foreign currency bank accounts or process foreign currency invoices. 

While closing the financial year (Annual report) the trial balance has to be checked. This check also involves, among others, that each GL account, if necessary, has to be revaluated. This would include the revaluation of the balance of a foreign currency account and the outstanding foreign currency invoices on the 'Creditors' and/or 'Debtor' ledger accounts.

The balance of a foreign currency account can simply be revalued in Yuki. The GL account that contains the transactions of the relevant foreign currency account can be opened via the trial balance.

Only a user with the 'Back office' role in the domain or the 'Financial administration' or 'External accountant' role can revalue a foreign currency account.

Revalue balance of foreign currency account

Hover your mouse over the Financials icon in the navigation bar and then click on Trial balance. Open the foreign currency account.

In order to revalue a foreign currency account you have to click on the Revalue button or on the Revalue option in the pop-up menu. 

The following screen is opened:

The end date of the selected period on the card of the GL account will be used as revaluation date. The balance in foreign currency will be converted to the known exchange rate on that date. When you click on the OK button a general journal entry will be created that corrects the balance (in standard currency) as it is known at that moment to the balance according to the known exchange rate at the given date.

Example of general journal entry

Revalue outstanding foreign currency invoice

It is possible to revalue the outstanding amount of each invoice. This action can only be performed when there are no other transactions matched with the invoice. 

The 'Invoice actions' feature is only available to a user with the 'Back office' role in the domain or the 'Financial administration' or 'External accountant' role.

In an opened invoice click on the Invoice actions button in order to revalue the outstanding amount of an invoice. 

In the screen now opened click on the Revalue option:

The following screen is opened:

The end date of the financial year will be used as revaluation date. The balance in foreign currency will be converted to the known exchange rate on that date. When you click on the Confirm button a general journal entry will be created that corrects the original invoice amount (in standard currency) to the balance according to the known exchange rate at the given date.

Example of general journal entry