Anybody have a good best practice for clearing out...
# accounting
j
Anybody have a good best practice for clearing out anomalous foreign amounts without triggering a income statement impact?
n
is this before or after end of month close?
j
Before.
n
The month end close process Revalue Foreign Balances … will create the entry to take care of this amount.
j
Not true unfortunately but thank you for your help.
k
Those look like bank accounts
Which means his take was correct. Something is probably off about their balances
Or account setup
👍 1
j
Close process and revaluation does not help prior months were closed but these foreign balances remain, wondering if they can be cleared with some kind of journal without hitting net income.
Here's an example from last month after close was completed.
k
Can you share a screenshot of the account setup for those two accounts?
k
@Joel MacPherson what do your reval journals look like for these accounts?
j
I think to clear out the balances I will make journal entries using a forced 0 exchange rate.
k
it will not help unfortunately :(
😭 1