How do I post a currency revaluation at year end in Kontuly?
In Kontuly, open Settings, scroll to Currencies and use Currency revaluation: choose the date under Revalue at, check the figures, and click Post revaluation. Kontuly posts one journal that moves open foreign balances to that date's rates, and reverses it the next day.
You only need this if your accountant wants the unrealised gain or loss in your books at a period end, usually the financial year end.
- Open Settings and find Currency revaluation under Currencies.
- Choose Revalue at. It starts at the end of last month.
- Click See the figures. The Unrealised Currency Gains report opens for that date: unpaid invoices and bills, unused credit notes and foreign bank balances, revalued at that date's rate.
- Click Post revaluation and confirm. You'll see "Revaluation posted".
What's posted?
One journal on the date moves receivables, payables and foreign bank balances to the rates on file for that date, with the difference to the currency gain or loss account. The same journal is reversed the next day, so each invoice and bill still settles at its own rate, and the gain or loss is realised as usual when it's paid.
What's needed?
- Every currency involved needs a rate on file for the date.
- The date can't be in a locked period.
How do I undo it?
Posted revaluations are listed under Currency revaluation. Click Undo: the journal and its reversal are voided together. They can't be voided from Journals.
Why do the aged reports mention it?
On the revaluation date, Aged Receivables and Aged Payables note it: their totals stay at the booked values, and their check against the control account leaves the revaluation out.
Whether to revalue is a question for your accountant.
Related questions
- How do I invoice or pay in a foreign currency in Kontuly?Kontuly lets you invoice, buy and get paid in other currencies. Rates come from the Reserve Bank of Australia, and exchange gains or losses post automatically.
- How do I hold a bank account in another currency in Kontuly?Create a bank account with its own currency in Kontuly's Chart of Accounts, import its statements in that currency, and record transfers to AUD.
- Do I need to do a year-end close in Kontuly?No year-end close is needed in Kontuly. Last year's profit moves into retained earnings automatically. What to do at year end instead.
More about accounts and reports
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
- How do I add, edit or archive an account in Kontuly?Add a new account in Kontuly's Chart of Accounts, change its code, name or GST code, or archive one you don't use. What can't change once it's used.
- How do I post a manual journal in Kontuly?Post a manual journal in Kontuly for adjustments with no invoice or bank line, such as accruals, depreciation or corrections. Debits must equal credits.
- How do I void or reverse a journal in Kontuly?Void a manual journal in Kontuly to post a reversing entry on the same date. Which journals must be corrected elsewhere, and what blocks a void.
- How do I lock a period after lodging a BAS in Kontuly?Set the lock date in Kontuly's Settings so nothing dated on or before it can be posted, changed or voided, protecting a lodged BAS or a finished year.