The Foreign Bank Revaluation Wizard changes the sterling balance of a foreign bank account.

1. On the menu bar click Modules then click Wizards and click Foreign Bank Revaluation.
2. Click the Currency drop-down and click the currency of the bank account you want to revalue.
3. Select the bank account you want to revalue then click Next.
4. Click Date and enter the date you want to revalue the bank account.
5. Click Exchange Rate and enter the rate you want to use to revalue the bank account then click Next.
6. Check the figures in the Revalued Balance and Revaluation Amount boxes are correct then click Post. 

   If the figures aren't correct, click Back and amend the Exchange Rate box to the correct rate.

 TIP: If you need to revalue the base/foreign to be zero, use our guide, Making foreign and base currency bank balances zero.

Revaluation journals

If, after running the Foreign Bank Revaluation wizard, the new balance on your foreign currency bank account is higher than it was before you ran the wizard, the following journal is posted:

Type	Nominal	Date	Details	Net	T/C	Tax
JD	Foreign currency bank account	Date of revaluation	Foreign Bank Revaluation Journal	Revaluation amount	Non-vatable tax code	0.00
JC	Exchange rate variance nominal code	Date of revaluation	Foreign Bank Revaluation Journal	Revaluation amount	Non-vatable tax code	0.00

  NOTE: If required, to print a list of the revaluation journals, use the Nominal Ledger Day Books report.

If, after running the Foreign Bank Revaluation wizard, the new balance on your foreign currency bank account is lower than it was before you ran the wizard, the following journal is posted:

Type	Nominal	Date	Details	Net	T/C	Tax
JD	Exchange rate variance nominal code	Date of revaluation	Foreign Bank Revaluation Journal	Revaluation amount	Non-vatable tax code	0.00
JC	Foreign currency bank account	Date of revaluation	Foreign Bank Revaluation Journal	Revaluation amount	Non-vatable tax code	0.00

The automatic revaluation journals are always posted with a reference of REVAL and flagged so that they aren't included in a bank reconciliation.

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View or amend the foreign currency bank revaluation

To view the foreign bank revaluations:

1. Click Bank accounts and select the required foreign currency bank account then click the New/edit drop-down and click Edit.
2. To show the list of existing revaluations click the Revaluations tab.
3. To show the Foreign Balance, the Prior Base Balance and the Revalued Base Balance click Show Balances.

To amend the exchange rate used:

1. Click Bank accounts and select the required foreign currency bank account then click the New/edit drop-down and click Edit.
2. Click the Revaluations tab then click Show Balances and select the revaluation then click Edit.
3. Click Rate and amend the exchange rate as required then click OK.
   
    NOTE: You can't change the date.
   
   
4. Click Save then click Close.

To reverse a revaluation:

1. Click Bank accounts and select the required foreign currency bank account then click the New/edit drop-down and click Edit.
2. Click the Revaluations tab then click Show Balances and select the revaluation then click Reverse.
3. Click Save then click Close.