fx revaluation not fixing foreign currency variances

AI generated answer (using internal Slack threads):

Based on the conversations, it seems that the issue of foreign currency revaluation not fixing foreign currency variances can be due to several reasons. In the first thread, the issue was related to the import of open ARs and APs using the original foreign currency amount and original exchange rate. The unrealized FOREX gains and losses were already recorded in the legacy system. When the foreign currency revaluation process was run, the unrealized FOREX gains and losses that were calculated were between the original exchange rate and the closing exchange rate, which seemed incorrect. The suggested approach was to import the open AR and APs using the exchange rate at the cutoff date, and then manually post the full foreign currency revaluation reversal, including all balances that are held in foreign currency. In the second thread, the issue was related to a subsidiary restructure. The transactions were correct, but the value displayed in the reports was wrong. The issue was resolved by checking the consolidated exchange rates. In the third thread, the issue was related to creating a subsidiary where the functional currency of that sub doesn't match the parent sub. The proper accounting treatment for this situation is to run a foreign exchange translation during consolidation. NetSuite does provide this functionality as part of the period close management process. There is a step in closing called dFX Revaluation, which revalues everything. However, there were some considerations to keep in mind, such as the "eliminate intercompany transactions" setting on an account, consistency with the external reporting system, and certain intercompany loans requiring special FCTR effects. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******