Exchange rate incorrect.

Hi,
We have just found out that on the 1st April the exchange rate has been set up incorrectly (1.199 instead of 0.79) and all the Goods receipt done that day have the incorrect value.
Is there a way to correct it? Can you suggest what kind of Journal entry we have to do to adjust the situation?
Thank you,
MB

Hi Matthew,
ideally you would find all affected transactions & cancel them with a reversal document & appropriate explanation about why you're cancelling. You'd then change the exchange rate to the correct one & re-enter all transactions. Here you should make sure that indeed only goods receipts are affected.
This should be done when nobody else is logged into the database.
You then need to sit down with the accountant & check the inventory valuation of all affected items, since the item cost has changed. You might need to revaluate some stock depending on how many incorrectly priced items have already left the warehouse. If the gross profit calculation is done by item cost, some adjustments might also be necessary there.
All the best,
Kerstin

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