Make currency adjustments

Applies to:     Office Accounting Professional

According to accounting legislation, you must adjust the value of your current assets and liabilities in foreign currency at the end of each financial year. Because the amounts are still outstanding, the gain or loss is considered to be unrealised.

The Currency Adjustment form calculates the unrealised gain or loss based on the exchange rate at the time of the adjustment.

To open the Currency Adjustment form, on the Company menu, point to Foreign Currency and then click Currency Adjustment.

currency adjustment form
Sample Currency Adjustment form

To adjust for a foreign currency using the Currency Adjustment form, perform the following procedure.

  1. Select the date of the adjustment, which is typically the end of the fiscal year.

  2. Select the currency to adjust.

  3. Microsoft Office Accounting 2008 displays all the customer, supplier and bank or credit card accounts for the selected currency and the corresponding exchange gain or loss. Select the check boxes for the accounts you want to adjust.

  4. Click Save and Close to make the adjustment. The balance in pounds sterling (GBP) is adjusted to the new exchange rate.

To adjust for other currencies, repeat the preceding procedure and select the desired foreign currencies.

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