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FX ERRORS in Inventory Received But Not Billed acccount
When you receive an item purchased in a foreign currency, the Item Receipt transaction posts a value to the "Inventory Received But Not Billed" account based on the FX rate used in the P.O.
But when the item gets billed, a new FX rate is entered as of the bill date. So when the bill gets entered a different value gets removed from the "Inventory Received But Not Billed" account.
This causes a FX variance that remains in the "Inventory Received But Not Billed" account permanently. This is wrong.
If you import stuff from abroad that has a long lead time and the FX rate has changed on you - watch out - you may have significant FX gains or losses that remain hidden on your balance sheet.
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