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Foreign currency revaluation for bank accounts
Hi everyone,
We are implementing Netsuite, in our previous ERP system when reevaluating for bank accounts denominated in foreign currency, the system will reevaluate at month end, but it will not reverse the entry at the beginning on the next month (we setup the system to follow this procedure), this scenario was excellent for us, since bank accounts are not open accounts, and it will give us the real bank account balance in our base currency the whole coming month when generating bank cash position for management reporting.
Reversing for open accounts like accounts receivable and accounts payable is OK for us.