What's New: Financial Management - G/L Account Revaluations (2024 release wave 1)
G/L account revaluation in Business Central (2024 release wave 1): a batch job that adjusts G/L balances per currency, plus controls for which currencies can post to an account. Shows single and multiple currency demos and compares it with the standard currency exchange rate adjustment batch job.
- Introduction and Feature Overview
- Enabling GL Currency Revaluation and Setting Up Accounts
- Single Currency Scenario - Euro Loan Adjustment
- Review of Entries and Multiple Currency Setup
- Configuring Multiple Currencies on GL Account
- Multiple Currency Scenario - Canadian Dollar Adjustment
- Comparing GL Revaluation with Standard Currency Adjustments
- Key Differences and Recommendations
- Conclusion and Feedback
Overview
The video covers the 2024 release wave 1 changes for multi-currency G/L accounts. The original currency code can now be stored on G/L entries, which the presenter says was a top request for over 5 years with more than 500 votes. Accounts can also be set to allow a single currency, multiple currencies, or any currency.
The demos turn on the feature in feature management, set up a revaluation account, and run the revaluation for a euro loan and then a Canadian dollar scenario with multiple currencies configured on the account. The video then compares G/L revaluation with the standard currency exchange rate adjustment batch job and gives recommendations on when to use each.
Key points
- Turn the feature on in feature management with the setting ‘Enable use of GL currency revaluation’.
- G/L revaluation adjusts the balance per currency, not each entry.
- Allowed currencies are set per G/L account: blank, a single currency, or multiple currencies through the related Source currencies table.
- The presenter recommends one currency per account; multiple currencies were shown for demo purposes.
- Do not use G/L revaluation for bank, customer or vendor accounts, which have their own adjustment mechanisms.
- The standard currency exchange rate adjustment batch job is separate. It handles customers, vendors, employees and bank accounts, and can now adjust per entry.
- Check that per-balance revaluation meets your reporting requirements before adopting it.
Features
| Feature | Status | At |
|---|---|---|
| Original Currency Code on GL Entry | status not stated | 0:32 |
| Control Posting of Currencies to GL | status not stated, demoed | 1:01 |
| GL Account Revaluation | status not stated, demoed | 1:01 |
| Enable Use of GL Currency Revaluation | status not stated, demoed | 1:21 |
| Multiple Currencies per GL Account | status not stated, demoed | 5:14 |
| Revaluation Account Configuration | status not stated, demoed | 6:48 |
| Enhanced Currency Exchange Rate Batch Job | status not stated, demoed | 10:49 |
AL objects mentioned
As heard in the captions. A name that matches one object page by exact type and name links to it; the others stay as named.
- table “Source currencies” at 6:08
- page 16 “Chart of Accounts” at 1:32
- other “GL entry” at 0:44
Not found in BC28-30: table “Source currencies”.
Quotes
- 0:44 “it has probably more than 500 votes and we’ve thought about it for a long time and in this release uh you will get”
- 1:01 “you will also be able to control the posting of currencies to G which currencies you want to allow posting for and then whether”
- 1:21 “you need to turn it on in feature management it’s called enable a use of GL currency revaluation”
- 5:00 “we adjust the balance per currency it’s not adjustment for each of the entries”
- 10:49 “revaluation is done for bank accounts for customers and vendors so it the same goes with your account paybl and account receivables account uh”
- 11:51 “for bank accounts we are still adjusting the uh the balance um you can now adjust per entry so it’s not just per customer”
- 12:11 “when you start using this new feature with GL revaluation you need to think about does that meet your reporting requirement if you need”
Presenters (as heard): Brian Nelson.