Home Currency

REVLOCK leverages the user to record the invoices of all customers at their respective currency. There are set of Reports in REVLOCK which incorporates the currency fluctuations and show adjustments at month level against each account on the basis of defined Home Currency.

Setup

You can set your Home Currency by:

• Going to settings tab, at the bottom update Home Currency.

All accounts will now be converted to Home Currency and Revenue recognition will be presented to the user in selected Home Currency in new set of reports.

Set of Reports

• Unearned Revenue Roll-forward (Home Currency): This new report will convert all the balances from original to defined home currency, also it leverages the user to see data on Transaction Date level.
• Revenue Backlog (Home Currency): The Revenue Backlog rolls sold revenue forward by converting all different currency into Home Currency and also represents the adjustments due to currency fluctuations.
• Revenue Journal (Home Currency): This report will record earned revenue for each account which is converted to Home Currency on month level.
• Forex Exchange Rates: This shows the exchange rates on the basis of currencies the user has in the environment.

Journal Entries

REVLOCK provides you with an opportunity to post all Journal Entries on the basis of Transaction Dates in your accounting system. All the Journal Entries will be posted into respective currencies without any conversion to Home Currency.

Republish state

REVLOCK also offers you to update the Home Currency in account setup mode only after the data is loaded. Once you have updated the Home Currency, press the REPUBLISH button at the bottom. The user will not be able to perform this operation after Accounting Close.

Updated on: 12/01/2022

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