Having read all of the knowledge base questions, and having searched the forum I have not found an answer to this.
QuickFile offers the ‘Foreign Bank Account Loss/Gain’ tool to make journaling currency account revaluations simple. Given that in numerous other pieces of the sites functionality exchange rates are automatically pulled from XE.com does QuickFile not have functionality to automatically revalue currency accounts using the same data? Have I simply missed it…
If not… is there at least a way to see the exchange rates that QuickFile uses elsewhere to keep things consistent when entering revaluations manually…?
If not… (again) to minimise workload, how often is appropriate to revalue currency accounts? in my case transactions occur very sparingly so is it appropriate to simply revalue before large ingoing/outgoing transactions?
If not… (again) this is the only feature of my old bookeeping software that QuickFile does not have. My old tool automatically created revaluation journals daily. Can we have this on QuickFile?
Thanks a lot.
I’m afraid at this time account revaluations need to be performed manually using the process described here. These revaluations are typically done at the accounting year-end but can be performed more frequently if you prefer.
For now I have switched your post to a “Feature Request”. We are happy to explore some options for automated revaluation journals, it would however be great to see some additional support from other users for this so we can set a priority.
EDIT:
Regarding the ability to preview exchange rates, this is more likely to be something that we can address in the short term. It may also be possible to create a simple revaluation tool so you can see any +/- changes and quickly revalue without needing to create journals.
Thanks for the prompt and informative response.
The guide to doing a manual revaluation is clear. The problem is how often, and what on.
I assume the reason that other tools do it daily is in fact simplicity. If you have currency coming in on multiple days from multiple sources at multiple exchange rates it is (surely?) near impossible to calculate the gain/loss at year end because you don’t have a single starting amount/rate.
Furthermore, if currency is withdrawn/spent during the year you have to consider what amounts are considered at which rates… First in, first out etc. By adjusting daily you avoid this issue.
Assuming the above thought process on my part is correct QuickFile cannot (I believe) produce accurate books for currency accounts unless one enters the gains/losses manually, daily.
Thanks a lot.