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Foreign Bank Account in USD Subsidiary
We have a foreign bank account (CAD) in our USD subsidiary. The unrealized loss on the account has been steadily growing and is so large that it does not make sense to me given the exchange rate between USD and CAD. In currency revaluation entry, I can see that the "Base currency balance" is higher than I would expect.
The Foreign balance for the account agrees to the bank statement and the the ending result post currency revaluation is correct however we report cash balances prior to the final close process which includes the revaluation entry. This has caused issued with the accuracy of our preliminary cash reporting.
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