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Revalue GL account with multiple currencies

in Ask A Guru 7 comments

Hi,

The base currency for our subsidiary is EUR. On a GL account with account type 'Other current liability' we check the checkbox 'revalue open balance for foreign currency transactions'.

On this GL account the debet postings will be in USD, the credit postings will be in EUR. As EUR is our base currency the USD postings will be recalculated against the currency exchange rate (multiple currencies is checked). So we have foreign currency amount (USD) transactions and EUR amount transactions on this GL account. In EUR these transactions can be matched over periods.

Running the revaluation in period close the USD amount will be revaluated and reversed the next period. Revaluation will create a unrealized gain/loss posting and has a Income statement impact.

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