Can Odoo help me revalue the balances in my foreign currency bank accounts, and my foreign currency payables and receivables?
My company "base", "reporting", "functional" and/or "home" currency is EURO.
I hold funds in US dollars, bill some Customers in US dollars and pay some Vendors in US dollars.
At the end of each month, I need to report the "current value" of my balance in my USD bank account, my payables and my receivables.
Can Odoo help me adjust the balance of my USD bank account based on the exchange rate and the end of the month?
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You don't need to do anything - on your Balance Sheet, all balances are shown for foreign currency by using the latest exchange rate.
If you have to report unrealized gains or losses at the end of each month, you can use the Unrealized Currency Gains/Losses report (available at v14) but if all you have to do is report the market value, we do that for you "auto-magically"
Consider this example:
In September, you deposit $500 USD when the exchange rate is 0.8 EUROS.
Your $USD Balance Sheet as at the end of September:
In October, there are three exchange rates:
October 1st - 1 USD = 0.85 EUROS
October 15th - 1 USD = 0.9 EUROS
October 31st - 1 USD = 0.87 EUROS
Your $USD Balance Sheet(s):
You don't even have to remember to generate these reports on a specific day, you can simply adjust the END DATE of the report at any time to see the "as of that date" market value of your holdings.
Note that ALL your Balance Sheets during this time will report that you have € 400 - since that is your home currency.
If my home currency or base currency is Euro, should the balance sheet be in Euro instead of USD?
How do I get a balance sheet in a foreign currency?
Even if the balance sheet report can show different values base on the latest exchange rate, will there be any journal entry auto happening when currency rate change?
Your GL should be in your home / base currency. You can show your Balance Sheet in any currency by making a Company with that currency and having real-time rates in Odoo. Please see https://www.odoo.com/forum/help-1/what-options-do-i-have-to-revalue-foreign-currency-holdings-179987 and
