How to revalue home and foreign currencies of a bank account

Currency revaluation to correct the trial balance and home bank account balance in Sage 50 Accounting.

 NOTE: For a same currency transfer, follow these steps.

1. Run the Trial Balance with the Show Foreign Balance option selected. Find the home currency and foreign currency values.
   
2. Determine the current average exchange rate.
   • Example: CDN$10,679.17 / US$7,318.71 = $1.459160152540543 / US$1.00
3. Reverse out the current foreign and home currency balances using a general journal entry with that exchange rate.
   • Sage 50 only stores and uses to six decimal places of the exchange rate
     
   • Click Report and Display the General Journal Entry to preview the entry
     
4. Get the current exchange rate.
   • Example: CDN$1.0970/US$1.00
5. Record the current foreign and home currency balances in a general journal entry.
     
   • Click Report and Display the General Journal Entry to preview the entry
     
6. Review the Trial Balance with the new balances.
     
7. The difference in home currency and foreign currency value will appear as a foreign exchange gain or loss.