Open items revaluation stop

Question

Hi there,

maybe accounting type question but any help would be greatly appreciated.

We have lots of currency revaluation entries reversing each month,

I believe these are open item unrealized gain loss - how can i close these entries , specially if they are journals?

Patrick Fresnosa-Oracle · Accepted Answer

Hello @CodeMe1010,

May I know what type of accounts are you planning to stop currency revaluation? If it is non-Accounts Payable/Receivable. You can go to List>Accounting>Accounts then uncheck the Revalue Open Balance for Foreign Currency Transactions

Also, it is normal behavior for accounts with prior to be reversed in the first day of the next period. As per SuiteAnswers ID: 82643 These currency revaluation transactions reverse the Unrealized Gain/Loss transaction from the previous month-end process. They post the first day of the period after the Unrealized Gain/Loss transaction.

Open Bills/Invoices are usually settled by Payments, thus a Realized Gain/Loss may be generated, for the Journal entries using Accounts Payable/Receivable Account, this can be settled by payment also or apply a separate Journal Entry using the same A/P or A/R accounts to it.

I hope this helps ☺

Patrick Fresnosa-Oracle · Accepted Answer

Hi @CodeMe1010,

Here is an example:

Re: Solve the difference between balance in base currency and foreign currency

This is to settle the reversal journal entry, it serves just like a payment to the original foreign amount journal entry. Please test this first in your Sandbox Account ?