Forex bank account meaning
When you revalue balance sheet accounts, the From date is ignored. Instead, the balance to be revalued is determined by going from the beginning of the fiscal year until the To date. The Date of rate can be used to define the date for which the exchange rate should default. For example, you can revalue the balances between the date range of January 1 to January 31, but use the exchange rate defined for February 1. Select which main accounts to revalue: All, Balance sheet, or Profit and loss.
Only main accounts marked for revaluation on the Main account page will be revalued. If you want to further restrict the range of main accounts, use the Records to include tab to define a range of main accounts, or individual main accounts.
The revaluation process can be run for one or more legal entities. The lookup will display only the legal entities to which you have access. Select the legal entities for which you want to run the revaluation process. The revaluation can be run for one or more foreign currencies. The lookup will include all currencies that were posted within the date range relevant for the type of main account Balance sheet or Profit and loss , for the legal entities selected to revalue.
The accounting currency will be included in the list, but nothing will be revalued if the accounting currency is selected. Set Preview before posting to Yes if you would like to review the result of the General ledger revaluation. The preview in General ledger is different from the simulation in the AR and AP foreign currency revaluation. The simulation in AR and AP is a report, but general ledger has a preview which can be posted, without having to run the revaluation process again.
The results of the preview can be exported to Microsoft Excel to retain the history of how the amounts were calculated. You cannot use batch processing if you want to preview the results of the revaluation. From the preview, the user has the option to post the results of all legal entities using the Post button.
If there's an issue with the results for a legal entity, the user also has the option to post a subset of the legal entities using the Select legal entities to post button. After the foreign currency revaluation process is complete, a record will be created to track the history of each run.
A separate record will be created for each legal entity and posting layer. This is because we revalue each individual transaction in AR and AP. In General ledger, the previous revaluation is not reversed. Instead, a transaction is created for the delta between the balance of the main account, including any previous revaluation amounts, and the new value based on the exchange rate for the Date of Rate.
No new transactions are posted for the month of February. The main account is revalued on February If you need to reverse the revaluation transaction, select the Reverse transaction button on the Foreign currency revaluation page. A new foreign currency revaluation historical record will be created to maintain the historical audit trail of when the revaluation occurred or was reversed. A resident individual can open a foreign currency account with a bank outside India in the following cases:.
All credits to the account from India should be made in accordance with FEMA and the rules and regulations made thereunder. The balance in the account should be repatriated to India on return of the account holder to India. Can a resident continue to maintain an account outside India which was opened by him when he was a non-resident? A person resident in India may maintain a foreign currency account outside India if he had opened it when he was resident outside India or inherited it from a person resident outside India.
What is the status of the account held outside India on the demise of the account holder? A resident nominee of an account held outside India has to close the account and bring back the proceeds to India through banking channels. Skip to main content. Search the Website Search. Who is a person resident in India? What is a foreign currency account? In what form can a foreign currency account in India be opened? Some of the foreign currency accounts that can be opened by resident individuals with an Authorised Dealer bank in India, along with their features are given below: