You use this program to revalue unreconciled foreign transactions and foreign bank balances to the current exchange rate and to update the exchange rate variance account and bank control accounts with the difference.
Over a period of time, the local value of outstanding foreign transactions and bank balances varies according to changes in the currency exchange rates. This program enables you to report on the gains or losses associated with these fluctuations.
You typically use this program when you have changed the exchange rates using the Currencies program and want to revalue transactions at the new rate.
| Field | Description |
|---|---|
| Start processing | Select this to calculate the exchange variances and
generate the report according to your selections. If you selected the Report and update option, then a General Ledger journal entry is also created. |
| Select this to print the information currently displayed in the Report pane. | |
| Save Form Values | This option is only enabled in Design mode (see Automation Design). Your selections are saved and applied when the program is run in automated mode. |
| Field | Description | ||||||
|---|---|---|---|---|---|---|---|
| Report options | |||||||
| Posting year | This indicates the current posting year of your Cash Book and is displayed for information purposes only. | ||||||
| Posting month | This indicates the current posting month of your Cash Book and is displayed for information purposes only. | ||||||
| Options |
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| Bank selection |
Indicate the specific bank(s) for which you ant to generate the report. The values for each bank are printed on a separate page. Banks to which you are denied access are automatically excluded when you generate the report for all banks. |
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| Currency selection |
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| Currency |
Indicate the single currency for which you want to calculate the exchange variances if you selected to calculate for a Single currency. A specific Currency can only be entered when the option Foreign currency cash book required (Cash Book Setup - General tab) is selected and you selected to include All banks. |
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| After processing completed | These options are displayed within programs that can be automated. They enable you to indicate the action you want to perform once processing is complete (see Automation Design). |
Deposit transactions are calculated using the Selling exchange rate and withdrawal transactions are calculated using the Buying exchange rate defined against the respective currencies (Currencies).
The Cash Book opening balance is revalued at the buying rate if the balance is a credit (overdraft) and at the selling rate if it is a debit. If your opening balance is in overdraft (credit), but you want to convert it at the selling rate, then you need to change the buying rate to equal the selling rate (Currencies) before generating the Currency Variance report.
| Column | Description |
|---|---|
| Detail |
This displays the results of processing. The following information is included in the Detail column:
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| Date | This indicates the date on which the transaction was originally processed. |
| Reference | This indicates the reference entered against the transaction when it was processed. |
| Type |
A 'W' indicates that the transaction was a withdrawal. These transactions are converted at the Buying exchange rate defined against the currency (Currencies). A 'D' indicates that the transaction was a deposit. These transactions are converted at the Selling exchange rate defined against the currency (Currencies). |
| Check number | This indicates the check/cheque number for a withdrawal transaction, if the transaction was a check/cheque payment. |
| Foreign currency | This indicates the currency in which the transaction was processed. |
| Foreign amount | This indicates the foreign currency transaction amount. |
| Original exchange rate | This is the exchange rate at which the transaction was originally processed. |
| Last exchange rate | This is the previous exchange rate defined against the currency. This changes each time you use the Currencies program to change currency rates. |
| Current exchange rate | This is the current exchange rate and is the rate at which the transaction will be revalued if you select to run the report in update mode. |
| Currency variance | This indicates the currency variance for each transaction, based on the original exchange rate and the current exchange rate. |
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If a General Ledger account used in this program requires General Ledger analysis (General Ledger Codes or GL Structure Definition), then the GL Analysis program is displayed when you post the transaction, enabling you to enter the analysis details or to select to enter them later (see General Ledger Integration). General Ledger analysis entries are always distributed in the local currency, irrespective of the currency in which the original transaction is processed.
Inserting Application Help
You would typically follow this procedure to display help for the current program in a customized pane that can be pinned to the program window.
Information includes step-by-step instructions for the various functions available within the program, including a brief overview of what the program does, what setup options are required and how to personalize the program.
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Open the program for which you want to insert application help into a customized pane.
This functionality is only available for a program that has panes.
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Right-click any form field.
You can also click the triangle menu icon that appears in the title area of a pane.
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Select Insert Application Help from the context-sensitive menu.
The application help appears in a pane within your program. You can reposition the pane using the docking stickers or pin it to the program window.
Removing the Application Help pane
If you no longer want to display application help in a pane for your current program, you can simply remove it.
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Select the Close icon in the right-hand corner of the application help pane.
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Confirm that you want to delete the pane.