Hello! Can someone help me elaborate what the field 'revalue open balance for foreign currency transactions' does on an account record? This box is checked for some accounts that make up a JE that is reversing at the beginning of each month and im wondering if this box being checked has something to do with why a related JE keeps reversing and popping back up on the balance sheet when I wouldn't have expected that. Any insight would be great!

If you have multi-currency, certain accounts (e.g. cash accounts, receivables) are going to get their balances adjusted every month as one of the month-end close steps. This should get you started: https://suiteanswers.custhelp.com/app/answers/detail/a_id/14972/loc/en_US

thank you! how do i verify if my account is using multi-currency?

If you're seeing that option, I'm assuming yes, but you can double check for sure at Setup > Enable Features > Companies tab. Look the "Multiple Currencies" checkbox and see whether it's checked.

Found it, it is checked, thank you! So because GL accounts have the 'revalue open balance for foregin currency' box checked and the system is using multi-currency, when we run month end step the system is looking essentially "revaluing" these account month over month which is why we are seeing them pop up on the balance sheet each month?

Couldn't say for sure without looking at it, but yes, typically it would post a currency gain/loss hitting that account as part of the Revalue Open Foreign Currency Balances closing step.

That's what's weird is this particular journal entry i'm try to troubleshoot is all in USD. but several accounts on the journal entry are marked to revalue, so i'm wondering if the system is just revaluing them even though the amount isn't changing because they are being subject to revaluation

possibly, but I wouldn't expect that to be happening. Maybe try to narrow down if this extra JE is indeed being posted during close/coming from the revaluation step. I'd probably go ahead and drop a support ticket just to see while you do your own research in the meantime.

sounds good, thank you!

what happened with your USD accounts was there was a transaction recorded there in non-USD account and cleared with USD later on. If it shows 0.00 now it does not mean that FX balance is gone, it is still there and keep revaluing. You need to find that transaction, clear it in its proper FX and reverse USD clearing