7.1. Functional Currency Revaluation
Functional Currency Revaluation #
To be able to perform the functional currency revaluation the system parameter Allow Functional Currency Revaluation must be activated. When this parameter is activated you have access to the Functional Currency Revaluation Order. You have two options for how the bookings are revalued;
Either with the system parameter Include Realized Gain/Loss In FC Revaluation NOT selected:
The Functional Currency Revaluation order is used to revalue the Functional Currency 1 and 2 Amounts for all details included in Unsettled Balances, Settled/Partially Settled Balances still in Pending status, all unreleased Deposit details (and partially released deposit unless this is switched off by system parameter), all Reserve details not amounting to zero and Unallocated Remittance balances, according to new exchange rates.
Or with the system parameter Include Realized Gain/Loss In FC Revaluation SELECTED:
The Functional Currency Revaluation order is used to revalue the Functional Currency 1 and 2 Amounts for all Unsettled Balances, all unreleased Deposit details (and partially released deposit unless this is switched off by system parameter), all Reserve details not amounting to zero and Unallocated Remittance balances, according to new exchange rates.
In both of the above situations the system will continue revalue Deposit and Reserve details as long as they are “open”, but when the Deposit becomes Released and the sum of Reserves becomes zero (for a predefined aggregation level), the system will create a last revaluation row for these details and set the gain/loss to zero and mark these details Completed so that they are not included in the revaluation order any more.
Different Exchange Rate Categories can be used for the revaluation of Functional Currency 1 and 2 amounts.
The Functional Currency Revaluations are calculated in addition to the Functional Currency 1 and 2 amounts and shown in a separate table in the Functional Currency window.
The Functional Currency Revaluations can be viewed in the Detail Properties window for each booking detail. The window is available from the Account Balances, Details part of the Business Ledger. (For more information, refer to the Open and Maintain More Details Information from Business Ledger chapter sorted under the Navigation and Operations from Business Ledger chapter in User’s Guide.)
- Select Periodic Functions from SICS Workstation desktop
- Double-click the Accounting Mass Update
- You can see the Find Functional Currency Revaluation Order (dependent on a system parameter being active).
View/Edit Functional Currency Revaluation Order #
- Select an order from the list in the Functional Currency Revaluation Order window
- Select Properties from the pop-up menu to view an existing order
- The View Functional Currency Revaluation Order will appear.
- Select Edit from the menu
Create new Functional Currency Revaluation Order #
- Right-mouse click and select New from menu
- The New Functional Currency Revaluation Order will appear.
- Enter mandatory fields.
Click OK to save the order
Field Description - View Functional Currency Revaluation Order
| Field | Description |
|---|---|
| Title: Free text Booking Year and Period to be Extracted - Booking Period Set: | Defines a group of booking periods. Determines the available Booking Periods in the Period field below. Values: Half Years, Months or Quarters Mandatory: Yes |
| Booking Year and Period to be Extracted - Booking Year From/Period From: | The first Booking Year and Period to be extracted from the booking detail on the business ledger. Values: Year: Free input of Year value, Period: A set of periods according to definition in Period Set above, e.g. 1st Quarter, 2nd half year, Month 09, etc Functional Impact: All booking details having Booking Year and -Period equal and/or higher than the defined Values are extracted when included in balances being unsettled, deposit being unreleased (and partially released unless this is switched off by system parameter), reserves not amounting to zero by aggregation level or when being an Unallocated Remittance balance still active. Mandatory: No |
| Booking Year and Period to be Extracted - Booking Year To/Period To: | The last Booking Year and Period to be extracted from the booking detail on thebusiness ledger. Values: Year: Free input of Year value, Period: A set of periods according to definition in Period Set above, e.g. 1st Quarter, 2nd half year, Month 09, etc. Functional Impact: All booking details having Booking Year and -Period up to and including these defined values are extracted when included in balances being unsettled, deposit being unreleased (and partially released unless this is switched off by system parameter), reserves not amounting to zero by aggregation level or when being an Unallocated Remittance balance still active. The fields Booking Year/Booking Period in FC Revaluations/Balance Detail Currencies on Business Ledger are updated with these values. Note! The system also revaluates settled/released Deposit Retain details when paired to Deposit Released details having a Booking Year/Period higher than the extract criteria defined on the order |
| Criteria - Base Company: | The Criteria box is enabled only when system parameter Use Extraction Criteria in FC Revaluation order is selected. Values: Available values to be selected are all Base Companies in the system. Functional Impact: All booking details and balances having one of the selected Base Companies on the balance are extracted when running the revaluation order. When no Base Companies have been selected means that ALL Base Companies are extracted. Relevant when: In case you need to revalue the bookings assigned to different Base Companies at different dates or by use of different exchange rate categories you can use this extraction criteria. |
| Criteria - Revaluation of Reserves bookings: | Selected: Only Reserve details are extracted when running the revaluation order. NB! Even with the system parameter Include Realized Gain/Loss In FC Revaluation selected the system will NOT revalue unsettled balances if this criteria is selected. Cleared: If this is cleared and the Revaluation of Other bookings is selected; Refer to the field Criteria - Revaluation of Other bookings below. If both Revaluation of Reserves bookings and Revaluation of Other bookings are NOT selected it means that all details are extracted when running the order. Relevant when: In case you need to revalue the reserve bookings at different dates or by use of different exchange rate categories than other bookings you can use this extraction criteria. Default: Cleared |
| Criteria - Revaluation of Other bookings: | Selected: All details in Unsettled Balances and Unreleased Deposit details (and partially released deposit details unless this is switched off by system parameter) are extracted when running the revaluation order. This means that all reserve details are excluded. It also depends on the system parameter Include Realized Gain/Loss In FC Revaluation, if this is selected or not. If it is selected it is only Unreleased Deposit details (and partially released deposit details unless this is switched off by system parameter) plus all Unsettled Balances that are extracted when running the order. But Reserve details are still excluded. Cleared: If this is cleared and the Revaluation of Reserves bookings is selected; Refer to the field Criteria - Revaluation of Reserves bookings above. If both Revaluation of Reserves bookings and Revaluation of Other bookings are NOT selected it means that all details are extracted when running the order. Relevant when: Select this if you want to exclude Reserve bookings from the revaluation in case you need to revalue the reserve bookings at different dates or by use of different exchange rate categories than other bookings. Default: Cleared |
| Criteria - Revaluation of Remittance bookings: | Selected: When this option is selected user is not able to check the other four check boxes (Revaluation of Reserve Bookings/Inward booking/other booking and Outward Booking) at the same time while running the order to revaluate the remittance. When the flag Revaluation of Remittance booking is selected it will also enable the check box “Remove previous Revaluation Rows”. Even if FC Revaluation rows are created on Remittance balances, the system will still use the normal FC amount and not the revalued FC amount on the Remittance when Realized Gain/Loss are calculated on the technical balances when paired with these remittances Cleared: If this is cleared the FC Revaluation order will not include Remittance balances. Relevant when: Select this if you want to run the FC Revaluation order for Remittance balances only. Default: Cleared |
| Criteria - Revaluation of Inward bookings: | Selected: Only bookings on Inward businesses are extracted when running the revaluation order. Cleared: If this is cleared and the Revaluation of Outward bookings is selected; Refer to the field Criteria - Revaluation of Outward bookings below. If both Revaluation of Inward bookings and Revaluation of Outward bookings are NOT selected it means that bookings on both Inward and Outward businesses are extracted when running the order. Relevant when: In case you need to revalue the inward bookings at different dates or by use of different exchange rate categories than outward bookings you can use this extraction criteria. Default: Cleared |
| Criteria - Revaluation of Outward bookings: | Selected: Only bookings on Outward businesses are extracted when running the revaluation order. Cleared: If this is cleared and the Revaluation of Inward bookings is selected; Refer to the field Criteria - Revaluation of Inward bookings above. If both Revaluation of Inward bookings and Revaluation of Outward bookings are NOT selected it means that bookings on both Inward and Outward businesses are extracted when running the order. Relevant when: In case you need to revalue the outward bookings at different dates or by use of different exchange rate categories than inward bookings you can use this extraction criteria. Default: Cleared |
| Criteria - Remove Previous Revaluation Rows: | Selected: The system will additional to create new FC Revaluation rows on all extracted remittance balances, also remove all previous FC Revaluation rows for these Remittance balances that have the Transferred to GL date set. Cleared: If this flag is NOT selected the system will not delete any FC Revaluation rows for the actual Remittance balances. Relevant when: Select this if you want to clean up the database and remove revaluation rows that are not relevant any more. Default: Cleared |
| FC1 Exchange Rate - Most Recent Daily: | Selected: Most Recent Daily Rate is used when revaluating the Functional Currency 1 Amounts. The check box is selected as default when a new order is created. Cleared: The Category field + a Date field or a Booking Period Set and an additional Year/Period field are enabled/displayed dependent on the selected category. Relevant when: Select the check box when you want the Functional Currency 1 Amounts to be revaluated according to the Most Recent Daily Rates. Default: Active |
| FC1 Exchange Rate - Category | For the Types of Exchange Rate Day Rate and Period Rate,Exchange Rate Categories are defined. Exchange Rates are defined per Category Values: Daily Rate, Period End Rate, Provisional Period End Rate (dependent on the Exchange Rate Type) Functional Impact: The selected Category in combination with the defined Date or Period/Year value determines the Exchange Rate to be used revaluating the Functional Currency 1 Amounts Mandatory: Only if Category is defined |
| FC1 Exchange Rate -Date | A Date used to determine which Exchange Rate to be used. Date: Free input of Date value (ddmmyyyy) Derived from: The category _Daily Rate. Functional Impact: The Date value determines, in combination with the selected Category, which Exchange Rate to be used revaluating the Functional Currency 1 Amounts. Mandatory: Only if a Category is defined. |
| FC1 Exchange Rate - Period Set | Defines a group of booking periods. Determines the available Booking Periods in the Period field below. Values: Half Years, Months or Quarters Mandatory: Only if Category (Exchange Rate Type ’ Period ‘) is defined |
| FC1 Exchange Rate - Year/Period | A Period/Year value used to determine which Exchange Rate to be used. Values: Period: A Period according to the selected Period set Year: Free input of Year value (yyyy) Derived from: The category End Period Rate or Provisional Year End Rate (dependent on the selection) Functional Impact: The Year/Period value determines, in combination with the selected Category, which Exchange Rate to be used revaluating the Functional Currency Amounts. Mandatory: Only if a Category is defined. |
| FC2 Exchange Rate - Most Recent Daily: | Selected: Most Recent Daily Rate is used when revaluating the Functional Currency 2 Amounts. The check box is selected as default when a new order is created. Cleared: The Category field + a Date field or a Booking Period Set and an additional Year/Period field are enabled/displayed dependent on the selected category. Relevant when : Select the check box when you want the Functional Currency 2 Amounts to be revaluated according to the Most Recent Daily Rates. Default: Active |
| FC2 Exchange Rate - Category | For the Types of Exchange Rate Day Rate and Period Rate, Exchange Rate Categories are defined. Exchange Rates are defined per Category Values: Daily Rate, Period End Rate and Provisional Period End Rate (dependent on the Exchange Rate Type) Functional Impact: The selected Category in combination with the defined Date or Period/Year value determines the Exchange Rate to be used revaluating the Functional Currency 2 Amounts Mandatory: Only if Category is defined |
| FC2 Exchange Rate -Date | A Date used to determine which Exchange Rate to be used.Date: Free input of Date value (ddmmyyyy) Derived from: The category _Daily Rate. Functional Impact: The Date value determines, in combination with the selected Category, which Exchange Rate to be used revaluating the Functional Currency 2 Amounts. Mandatory: Only if a Category is defined. |
| FC2 Exchange Rate - Period Set | Defines a group of Booking Periods. Determines the available Booking Periods in the Period field below. Values: Half Years, Months or Quarters Mandatory: Only if Category ( Exchange Rate Type ‘Period’) is defined |
| FC2 Exchange Rate -Year/Period | A Period/Year value used to determine which Exchange Rate to be used. Values: Year: Free input of Year value (yyyy) Period: A Period according to the selected Period set Derived from: The category End Period Rate or Provisional Year End Rate (dependent on the selection) Functional Impact: The Period/Year value determines, in combination with the selected Category, which Exchange Rate to be used revaluating the Functional Currency 2 Amounts. Mandatory: Only if a Category is defined. |
| Actual Run | A date- and time field updated each time the order is run. Values: Date (mm/dd/yyyy) and Time (hh:mm:ss PM/AM) Functional Impact: The Date field in FC Revaluations/Balance Detail Currencies on Business Ledger/More Details is updated with this date. Mandatory: Yes |
| Actual Run - Ordered by | The name of the person who runs the order Values: Full Name and Logon ID Derived from: The register of System Users in SICS Mandatory: Yes |
| Planned Run | A date- and time field to indicate when the order is planned run. Values: Free input of: Date (mm/dd/yyyy) and Time (hh:mm:ss: PM/AM) Default: The date and time when the order was first opened from the Administration Conditions Mandatory: Yes |
| Planned run - Order by | The name of the person who created the order Values: Full Name and Logon ID Derived from: The register of System Users in SICS Mandatory: Yes |
| Registration - Created and - by | The date when the order was first created and name of the person who created the order. Values: Created = Date (mm/dd/yyyy), by = Full Name and Logon ID Mandatory: Yes |