General Ledger - View foreign exchange revaluations
Post foreign exchange revaluations in general ledger as opposed to income stmt and balance sheet only and does not print in transaction report
Bill Carroll
shared this idea
Can you explain how viewing this detail in the general Ledger as opposed to the Income Statement or Balance Sheet would be useful to you, Bill?
-
Donovan Simpson
commented
Resolution of this is critical...I have seen many posts from users who have the same problem.
-
Donovan Simpson
commented
I have a similar problem...Generally auditors tend to make sure that the sum of GL account transactions for a specific GL account equals to the balance in the TB for that specific account. This is not the case when one has foreign currency denominated accounts. Trying to explain this to the auditors has not been easy.
I would like to suggest that the opening translated balance recorded in the GL should agree to the prior year end closing translated balance...
Currently the opening balance does not agree to prior year end closing balance.
Please refer to my query case: CX0014283285, and the related attachments thereto, where I had raised this issue to be able to understand how the Bank Revaluation Adjustment is arrived at. My answer basically pointed to the fact that the opening balance is not aligned to prior year closing balance and one would need to include a recon of the opening balance to prove the amount adjusted the Bank Revaluation for the current year.