Hello,

We want to issue a series of post-dated cheques in USD. Will these cheques update to the correct exchange rate as it is entered?

IE. if we cut a cheque today dated July 15th, it will use today's exchange rate. Does this have any impact when we revalue in July?

Thanks,
Lisa

Hi Lisa,

When any transaction is entered with a currency different from home, the exchange rate is calculated based on the transaction date and the way the currency rate table is defined. Typically for post-dated transactions, that will mean the most recent rate in the table.

What application are you referring to - AR Cash or AP Checks? I presume you are entering AP checks.

Currently AP prepayment checks are not revalued, only payments and cash invoices (along with the invoice that the payment is applied to), which would typically net to zero anyway.

If you wanted to see the effect of this, the Revaluation function has a Pre-Listing report that prints the amounts as if the revaluation was posted, so you can see which payments would get selected (after a new rate is entered in MultiCurrency).

If you wrote the cheques on a USD bank account, there is no revaluation required.