Microsoft Dynamics 365 Business Central – GL Revaluation

International businesses are bound by financial guidelines to maintain an accurate record of the value of all open transactions in their reporting currency. Transaction risk, or the resulting impacts of fluctuations in exchange rates on the companies’ account books, applies to payables and receivables that must be settled in foreign currencies.

To address this problem, the organization employs a procedure of foreign currency revaluation. The value of all open transactions is converted into the reporting currency at the conclusion of each accounting period using the current spot exchange rate. The differences in the value of the company’s financial assets and liabilities as a result of these revaluations are recorded as “unrealized gains and losses.”

In short, the manual process of doing the revaluation is lengthy, which increases the human error. Unable to complete the process within time frame which leads to dependency.

Compusoft Advisors understand the challenges faced by the customer and developed a customised solution for GL-Revaluation in Microsoft Dynamics 365 Business Central. This foreign currency revaluation will help the customer to deliver the desire result with actual value.

General Ledger – Foreign Currency Revaluation :

According to the accounting standards, at the end of the said period, General ledger account balances in foreign currencies must be revalued using various exchange rate.

  • From Date and To Date
  • From Date of rate
  • Legal entity
  • Currency to revalue

In order to keep track of the history of each run, a record will be made after the foreign currency revaluation procedure is finished. There will be distinct records made for each reporting layer and legal entity. Further Unrealized gain or loss transactions will be made in the General Ledger.

Challenges faced by Customer in Foreign Currency Revaluation:

  • Manual process
  • Multiple steps and complex process to be followed to do the revaluation
  • During the revaluation, possibility of human error in the entry

Key Features of GL Revaluation :

  • Accuracy in revaluation
  • Increased efficiency
  • Calculate and Automate in unrealized gain/loss
  • Customer can have a separate log table which includes history of all entries of rejection posted.

Benefits to Customer:

  • Create an accounting entry in the General ledger
  • Reflect the unrealized gain or loss
  • The system will give accuracy, and this will improve efficiency
  • Reduction in manual works

Who can implement this solution ?

  • Customers from any Business Industry Vertical
  • SMB, Mid-market, Enterprise, Large Enterprise segment customers
  • Customers using Microsoft Dynamics 365 Business Central
  • Customers planning to implement Business Central

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