what is the Foreign Currency Balance

AI generated answer (using internal Slack threads):

The Foreign Currency Balance in NetSuite refers to the balance of an account in a currency other than the base currency. This is particularly relevant for businesses operating in multiple countries or dealing with international transactions. In the first thread, the user is facing an issue where the system doesn't run the revaluation if the total balance in foreign currency is zero. However, if the balance is 0.1 in foreign currency, the system calculates the rates. This is because at some point, an FX transaction was created and closed with a non-FX transaction, leaving an FX balance that keeps revaluing. To resolve this, the user needs to create a search for all transactions since day one, including currency and FX rate, and use both amount and amount (foreign currency) fields. Once the problematic transaction is identified, the non-FX transaction needs to be reversed and an FX transaction booked. In the second thread, the user has a bank balance in SGD (foreign currency) but the base currency is USD. The user is advised to use the 'Revalue Open Currency Balances' function under 'Transactions > Financial'. This will create a currency revaluation for the type: unrealized matching gain/loss, which should resolve the issue. In the third thread, the user is asking how to set the initial foreign currency balance for a new subsidiary's bank account. One suggestion is to use the opening balance field for new account imports or to put in a Journal Entry (JE) hitting the bank account and whatever other account. Another suggestion is to ask the bank for the statement, use the opening balance, and create an intercompany journal from the main office bank account to the subsidiary bank account. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******