what is the GL imapct of the currency evaluation when i close the periods at manage the accounting periods

AI generated answer (using internal Slack threads):

When you close the accounting periods in NetSuite, one of the steps is to perform a currency revaluation. This process adjusts the value of your foreign currency balances to reflect the current exchange rate. The General Ledger (GL) impact of the currency revaluation process is that it creates a Currency Revaluation journal entry for each foreign currency and General Ledger account combination. The journal entry debits or credits the foreign currency balance in the GL account and offsets the entry to a revaluation income or expense account. For example, if you have an Accounts Payable balance in a foreign currency and the value of that currency increases, the revaluation process will debit the AP account and credit a Currency Revaluation Expense account. This increases the liability recorded in your GL to reflect the higher value of the foreign currency balance. The same process applies to Accounts Receivable and bank balances in foreign currencies. If the value of the foreign currency decreases, the revaluation process will credit the AR or bank account and debit a Currency Revaluation Income account. For non-AR, non-AP, and non-bank accounts, NetSuite revalues all foreign currency transactions posted into these accounts from day one. It's important to note that NetSuite revalues the debit balance and credit balance separately for the same GL account in the same period and same subsidiary. Remember, it's crucial to reverse the unrealized FOREX gains and losses at the beginning of the new period if they were recorded in the previous period in the legacy system. This ensures that when you run the forex revaluation process in NetSuite, the new unrealized FOREX is the net of the reversal and the cumulative as of the end of the new period. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******