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Can Revaluation be rerun in a prior period?

in General Ledger & Intercompany 4 comments

Summary:

Revaluation has run for the current period (JUN-24). The journal has been posted and the GL period has been closed.

New accounting period has been opened (JUL-24). The revaluation journal generated in JUN-24 has been automatically reversed and Posted in the new accounting period JUL-24

Scenario 1

Business realizes that revaluation run for the JUN-24 period was run with the incorrect rate. How do you fix what has already transpired?

Scenario 2

Business realized that they forgot to do a journal in the JUN-24 period. The journal must be done in the JUN-24 period because it is material in nature. How do you fix what has already transpired?

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