intercompany elimination journal entries not calculating fx currency variance

AI generated answer (using internal Slack threads):

Based on the conversations, it seems that the issue of intercompany elimination journal entries not calculating foreign exchange (FX) currency variance could be due to several factors: 1. Intercompany Transactions: The "eliminate intercompany transactions" setting on an account is not a panacea, unless you are doing proper arms-length transactions (or advanced intercompany journals) EVERY time. If not, this could lead to discrepancies in the elimination process. 2. Foreign Currency Revaluation: There is a step in closing called FX Revaluation. If this step is not properly executed, it could lead to discrepancies in the elimination process. Also, ensure that all balance sheet accounts that are supposed to revalue are marked as such. 3. Consolidation Rates and Eliminations: If there is a build-up of the Cumulative Translation Adjustment (CTA) balance, it could be due to changes in exchange rates from the end of last month to the end of this month. Also, ensure that the FX variances are reversing out at the beginning of the following month. 4. Balanced Eliminations: Ensure that your eliminations are balanced. If one account isn't properly configured to eliminate, NetSuite might balance it with the CTA, leading to discrepancies. 5. Intercompany AP and AR: Make sure your intercompany Accounts Payable (AP) and Accounts Receivable (AR) are balanced by foreign currency. If not, NetSuite auto eliminations will just zero them by hand, leaving the rest in CTA. Remember to check for any errors when you do your revaluations. Also, fluctuations in exchange rates could impact the calculations. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******