Restate Balance Sheet

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To restate the financial statements from the operating currency to any of the reporting currencies, run the Restate Balance Sheet (GELU013) process. This process restates the account balances based on the Currency Conversion Rule Code indicated in the Conversion Rule field in the Chart of Accounts screen (ACTS011). 

When you restate the financial statements, Qbyte Financial tracks the original and the restated amounts for financial statements. 

Phase 1 and Phase 2 of Restatement runs according to the currency's setup and whether the self-sustaining flag is selected for the Organization:

         IF Operating and Reporting Currency is the same, Phase 1 Restatement (Voucher to Operating Currency) runs whether the Self-Sustaining flag in the Organization is selected or not.
              Restatement is booked to the Realized Gain/Loss account for the Organization unless the currency rule is customized.

              Phase 2 Restatement (Operating to Reporting Currency) runs only if the Self-Sustaining flag in the Organization is selected.
              Restatement is booked to the Exchange Difference Account unless the currency rule is customized.

       IF Operating and Reporting Currencies are different, Phase 1 Restatement (Voucher to Operating Currency) runs only if the Self-Sustaining flag in the Organization is selected.
            Restatement is booked to the Realized Gain/Loss account for the Org unless the currency rule is customized.

            Phase 2 (Operating to Reporting Currency) of Restatement runs only if the Self-Sustaining flag in the Organization is selected.
            Restatement is booked to the Exchange Difference Account unless the currency rule is customized.

To run restatement:

1. Navigate to the menu and select Financial → Restate Balance Sheet.

Open

Open

2.  Click the Submit button.