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For an accounts balance to be revalued, the account must bear a tick against 'Revalue Foreign Currencies' in its setup data.
Entering a suppliers invoice in Euros at a rate of 1.48 to GBP.
Entering a customers invoice in Euros at a rate of 1.48 to GBP.
Use menu option Ledger | Trial Balances | Detail TB to get a Trial Balance showing the receivables and payables in Euros at a rate of 1.48 to GBP.
Use menu option Setup | Currencies then F3 on the Euro currency to set a new Euro exchange rate for a later date at 1.42 to GBP.
Use menu option Ledger | Currency Revaluation to open this window. Set a date for the revaluation - normally a period/month end. Click the 'green tick' to have the system calculate Currency Revaluation journals.
A confirmation message is received with brief details of the revaluation performed.
Use menu option Ledger | Reporting | By Journal to review the Revaluation journal created.
Use menu option Ledger | Trial Balances | Detail TB to get a Trial Balance showing the receivables and payables in Euros at a rate of 1.42 to GBP.