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My client has a requirement like below:
At the begin of each month, they estimate an "Exchange Rate", and all the transaction will be posted by this exchange rate, but by the end of that month, they will get another "Exchange Rate" from the bank. if the "Exchange rate" from bank is higher than the "estimated exchange rate", then the variance will be posted into a gain account, but if the "Exchange Rate" from bank is lower than the "estimated exchange ate", then the variance will be posted into the loss account.
How to meet this kind of requirement in the AX system?
AX is very capable of handling exchange rates and revaluating at certain times, the only question I have is: what do you want to revaluate? Because if it is customer balance or supplier balance you have to do it from those modules. (and it will only revaluate what is still open) If you want to revaluate on ledger accounts the next question is: which ones? Because if you do all accounts there won't be a profit or loss, because all posting have a debit and credit side.
The Gain or loss account can be found under General Ledger/Setup/Ledger
First ensure that you have both the gain account and loss account defined in the chart of accounts.
The specify these account per currency under General Ledger > Setup > Currency > Currency revaluation accounts
Enter your estimated rate at the beginning of the month and all the transaction will be captured on that rate.
At the end of the month, enter the month end rate (the one provided by the bank and the one you use for revaluation)
Run the revaluation function (General Ledger > Periodic > Foreign Currency Revaluation) and the exchange gain / loss shall be automatically written to the corresponding accounts.
Where i can enter the month end rate? how the system know where is the month end rate?
General Ledger/Setup/Currency/Currency exchange rates. There is a from and to date there.
Suppose i do something as below:
i configured a exchange rate
1. from July/01/2014 to July/30/2014, (USD to CNY rate : 8)
2. from July/30/2014 to July/31/2014, (USD to CNY rate : 8.5)
and suppose i run the "Foreign Currency Revaluation" job, what will happen ?
In the form you select the date from 1 july till 31 July. Then you select the ledger accounts you want to revaluate (not customer or supplier balances!) Then you select the currency rate date which is July/30/2014. Then you execute.
If something has been posted on the selected ledger for example 100 USD valued 800 CNY the executing the revaluation will value the posting at 850 CNY. If you selected both ledger accounts (so the original debit and credit) this will result in a gain and loss.
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