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FOREX and Currency Revaluation

in Accounting / ERP

Hi,

I need help in sorting Forex and Currency Revaluation ..

We are Australian Company, Base currency as AUD.. We do our Major purchases in USD.. and pay our vendors in USD and sell generally in Base currency.

We maintain our system rate manually based on market rate.. and is generaaly updated every EOM.

To pay vendors we cover our selves for upto 6 weeks ahead and book Forward Fx Contracts.. we close our bills on the basis of Weightd Average exchange rate calculated based on contracts matured and USD Bank Balance.

My questions are:
-- when we update system rate.. do we need to revalue our open vendors also.. and take the necessary forex gain.

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