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GL Accounts used during Revaluation

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Posted on by 185

If I'm using the Purchasing Series revaluation (Tools - Routines - Financial - Revaluation) process, where is GP pulling the GL accounts from when creating the GL posting batch? I'm selecting Unrealized Gain/Loss and creating a reversing entry.

Thanks - Ron

  • Ron Alexander Profile Picture
    Ron Alexander 185 on at
    RE: GL Accounts used during Revaluation

    Thanks for the update.  To add some additional detail to the question.  I setup the GL accounts in the windows you mentioned.  I have the Purchasing Offset GL account as 2500-00 and my Gain / Loss Accounts as 6000-00.

    I entered a Payables Transaction for $100 with an exchange rate of 1.00 on Jan 15 and posted it using GL account 2000-00 for the Payables credit amount.

    I then went through the Purchasing Revaluation process and used an exchange rate of 1.15 on Jan 31.  The GL posting batch debited the 6000-00 for $15 and credited the 2000-00 for $15.

    Does the Purchasing Revaluation look at the payables account of each invoice to determine which account to offset the gain / loss entry?  In my testing, it appears to use the invoice AP account, not the Purchasing Offset account from the setup windows.

    Thanks - Ron

  • Suggested answer
    RE: GL Accounts used during Revaluation

    Hello Ron!  There are a couple different places to look for what these accounts will be. They will either be on the Currency Setup(Administration >> Setup >> System >> Currency) or on the Rate Types (Financial >> Setup >> Financial >> Rate Types).  Let us know if you need anything else.

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