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phantom revaluation upon reopen/close period
Has anyone dealing with foreign bank accounts encountered the following?
step 1: close period. Revalue as part of the closing process.
step 2: reopen period. do NOT make any adjustments to foreign banks.
step 3: close period again. revalue as part of the closing process.
expected result: currency revaluation of A/P and A/R, but NOT of foreign banks as there were no adjusting entries made.
result: foreign bank balances are different from before and revalued.
WHY????
note:
1. the exchange rates do not change
2. only two foreign banks are revalued. not the others.
3. no adjusting entries were made to these bank accounts.
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