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Exchange rate variance posted to ‘closed’ periods by system
Last night I noticed a change to our balance sheet: retained earnings had ‘appeared’.
After an hour searching this morning (thinking I’d posted something with an incorrect date, even though the previous year tax and accounting periods are marked “closed”) I discovered that it related to a vendor bill payment that we’d made recently, settling some old disputed invoices and credit notes which were outstanding at the end of our previous financial year.
Since the vendor in particular was a foreign supplier, NetSuite posted new lines for exchange rate variances into our previous year’s closed A/P Register.
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