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Inter-company Journal - Foreign Currency Amounts in Sub Bank Wrong?
OneWorld Situation:
- Parent Company (P) has base currency US$
- Subsidiary 1 (S1) has base currency US$, with a bank account in US$
- Subsidiary 2 (S2) has base currency NZ$, but one bank account that is US$
I created an inter-company journal entry that reflects a US$100,000 wire transfer from S1's US$ bank account into S2's US$ bank account.
In the chart of accounts under S2 (viewed from P's perspective in US$), I see the correct foreign currency balance. And then a different "Balance". I presume the discrepancy is due to differences as the amount is exchange-rate valued into NZ$, and then exchange rate valued back to US$.
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