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Hello,
I am trying to revalue some foreign currency accounts on my balance sheet for Q3. I am new to GP and am taking over from someone who did a real botch job of setting up the G/L. In the revalation module, I have the correct spot rate for the date of my financial statements but when I look in the GL and FrX after running revaluation, the accounts are translated at some sort of average rate (instead of the period end rate).
I have been all through the help menus of GP relating to foreign currency and can't find anything. Am at a loss. This should not be this difficult to set up!
Can someone please suggest an easy way that I can check the set-up of these accounts so that GP picks up the right rate?
In addition, after I ran the revaluation for the first time, I posted some adjustments. When I revalued the second time, it was not incremental as I expected - it basically double counted the revaluation adjustment. Is there a way to set the system up to revalue automatically so that I always have the right USD balance in my accounts?
Thanks! :)
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Hi Cory,
Thanks so much for your answer! The issue is definitely in GP (I have everything in FRX to pull from GP).
So in Great Plains, it appears that everything is set-up to take the period end rate for balance sheet accounts, but the actual conversion rate is @ historical. It would be great if you could recommend a few steps (as you did above for FRX) that I can check to make sure that the set up is correct.
Thanks!!!!!
Caro
Hello,
This doesn't sound much like an FRx issue but if it were here is what I would look at.
1. Make sure you are using CCSPOT in your Row Format of FRx. This will pull the Spot Rate closest to the report date.
2. You will also want to make sure you have FRx set up to use the rates from GP as it seems as if this is how you are pulling the rates. In FRx within the catalog in question you need to make sure the Spot Rate Source is set to General Ledger.
3. You could also create a rates database in FRx and allow the rates to be pulled from this rather than in GP.
If this is not an FRx issue let me know and I will make sure someone from the GP team can help.
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