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Post Info TOPIC: Currency exchange revaluation update in Sage resulted in huge anomaly in P&L!
magnolia


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Currency exchange revaluation update in Sage resulted in huge anomaly in P&L!
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Hello,

I am at a loss, hope someone can help me!

I took over the accounts (freelance) at a company a few months ago. Their invoices (sales and purchase) are over very big amounts monthly. Mainly in Pounds, but some in Euros (and a minimal amount in Dollars). 

As the currency rate for Euro was not updated, I updated it when I closed June month accounts, and this resulted in a post of £14,159.92 in the Profit & Loss under Bank charges. Why? We haven't actually paid it of course.

Any help much appreciated as the director is of course querying the amount with me.

Many thanks.



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DeniseB


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Hi - Did you get any responses? I have the same issue and would be interested to know what the best practice is for revaluing.
Thanks

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