Do you revalue outstanding FX balances at period end?
How could we make this process easier for you?
Would love your ideas in the comments!
The under/overestimation of Trade Debtors/Creditors as well as foreign currency bank accounts is a frustration given that the previous versions of AccountRight had a system which worked so well - this seems to have been overlooked by developers who don't fully understand foreign currency and the implications of their multicurrency development in accounting.
The easiest way to keep these accounts valid would be to enable the exchange rate to be pegged to the Reserve Bank of Australia's rate at 4pm on the day prior to the invoice / report date - this is the matrix/rate mandated by the ATO for reporting GST values when invoiced in a foreign currency - so implementing that as a reference rate would be a great place to start.