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ReportHi All,
Our goal is to upload exchange rates manually once a month. We want our monthly transactions to be captured at an average rate, but for our revaluation of Suppliers, debtors and bank to be performed using a closing rate. Just like IAS 21.
We currently use 1 exchange rate type to account for all transactions within AX 2012. We manually upload exchange rates on the last day of each month. Once we upload our exchange rates we perform revaluations on debtors, suppliers and bank. We use the close of the most recent month to capture the following months transactions.
Our external support team has recommended that we continue using 1 exchange rate type. Their suggested process is to update the exchange rate for the closing rate before we run the revaluations, run the revaluations and then change the exchange rate back to the average. This addresses the need to run revaluations at closing rates, and for all other transactions to be captured at average.
I have trialled this method and it meets our needs. Our complaint is that it is quite manual, and would ideally prefer their to be 2 exchange rate types, to reduce the risk of someone changing the rate incorrectly. I have trialled (in our test environment) using 2 exchange rate types, but I lack the know how of getting the revaluations (Sales ledger>> Periodic> Foreign currency revaluations) to use the correct/different exchange rate that I want it to.
We would like to know if there is an alternative method, and would be interested in hearing how other companies handle this.
Kind regards,
Ethan
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