Due to conversions of each foreign currency transaction at the exchange rate applying on the day, the converted home currency amount of your foreign currency bank accounts at any one date will not correspond to the amount using that day's rate.
Accounting standards require that, at balance sheet dates, foreign currency balances are converted on that day's rate and this Clear Books feature carries out the conversion for you, making the necessary foreign exchange adjustment in the accounts.
Navigate to Money > Bank accounts and click on the name of the foreign bank account.
Enter the date on which the home currency balance is to be revalued, into the Revaluation Date box to the bottom left. The system will then convert the home currency balance on this date (our conversion rates are taken from XE.com).
The system will now create a journal to adjust the home currency balance based on the revaluation date. The foreign currency balance will remain the same.
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