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Why the Sudden Revaluation of a foreign currency balance liability account?
Hi, Gurus!
I have a situation where an IC JE was entered back in 2021 and a liability, 2xxxx, account was affected.
The name column was NOT populated, which is why, most likely, the balance was never revaluated.
(NS considers such BS accounts with no vendor name as closed transactions, I belive.)
However, last month it was suddently revaluated and a huge Unrealized Gain was recorded.
How could this behavior from last month can be explained?
And more importantly, what are the ways to rectify this situation in general?
Obviously, this is an error in all the financial statements up until last month when the balance suddenly started to be revaluated.
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