Set Up AR Revaluation Accounts
To manage accounts receivable in multiple currencies, you need to enable multi-currency and configure FX revaluation accounts. This ensures that foreign exchange (FX) gains and losses are accurately recorded in your financial statements.
Complete the following steps to enable and configure multi-currency for accounts receivable.
Enable Multi-Currency
Before configuring FX revaluation accounts, you must enable multi-currency support in your organization settings.
Click the company icon in the top-right corner of the screen.
Go to Organization Settings.
Select Accounting.
Enable Multi-Currency.
(Optional) Set a Revaluation Start Date
You can define a start date to control when unrealized gains and losses begin to be recorded.
Invoices dated before this start date will not generate unrealized gains or losses.
Realized gains and losses will still be recorded when payments are applied.
Configure FX Revaluation Accounts
Under the Multi-Currency section, set the following fields:
Realized FX Gain/Loss Account Select an account to record gains or losses when transactions are settled.
Unrealized FX Gain/Loss Account Select an account to record revaluation adjustments for open invoices.
AR Revaluation Account Select an account to record revaluation adjustments applied to accounts receivable balances when exchange rates change.
You can use the same account for realized and unrealized gains/losses, but it is recommended to use separate accounts for easier review of journal entries.
The AR Revaluation Account can be the same as your standard AR account, but using a dedicated account is recommended for better visibility.
Save Changes
Click Save Changes to apply your configuration.
See Also
To continue working with accounts receivable in foreign currencies, see:
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