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Closing a subsidiary, with a different currency.

in Ask A Guru 5 comments

We have legally merged two legal entities. In NetSuite we have transferred all balances from the merged entity/subsidiary to the sub-holding which remains after the merger. These are USD entities. However, when we run the consolidated balance sheet in euro’s, balances in euro’s appear on Share premium reserve, Share premium reserve (by Subsidiaries), FX translation reserve, Retained Earnings and Cumulative Translation Adjustment. In USD the balances are zero.

Can anyone explain what the process is to close/liquidate a subsidiary in NetSuite, for entities in a different currency?

Many thanks in advance, Hans

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