Why are the FX Revaluations not working for the Balance Sheet?

This article covers FX currency revaluation within Financial Years, specifically why revaluations stop processing once Year End Rollover has been ticked for that year. If your Balance Sheet is missing expected currency adjustments and the financial year in question has Year End Rollover ticked, this is expected behaviour rather than a fault.

What Year End Rollover does to FX revaluation

When Year End Rollover is ticked for a Financial Year, iplicit treats that year as closed and finalised. Part of this closure is that FX revaluation (also called currency revaluation or foreign currency adjustment) will not run for that year, even if you try to trigger it manually.

Why FX revaluation is blocked after Year End Rollover

FX revaluation changes account balances. It adjusts the value of foreign currency balances to reflect a current exchange rate. If revaluation could still run after Year End Rollover, it would change figures on a year that has already been reported and finalised. To prevent this, iplicit assumes that all FX revaluation for a year was completed before Year End Rollover was ticked, and it stops the process from running again afterwards.

What this means for your Balance Sheet

If your Balance Sheet does not show a currency adjustment you were expecting, check whether Year End Rollover is ticked for the financial year the transaction sits in. If it is ticked, the revaluation will not run, and this is the system working as intended rather than an error. To bring in the missing adjustment, the revaluation must be run before Year End Rollover is ticked for that year.