month end currency revaluation documentation

AI generated answer (using internal Slack threads):

Based on the conversations, the month-end currency revaluation process in NetSuite involves the following steps: 1. Import the open Accounts Receivable (AR) and Accounts Payable (AP) using the original foreign currency amount and original exchange rate. This is done as of the cutoff date. 2. Run the foreign currency revaluation process at the end of the next month. This will calculate the unrealized Foreign Exchange (FOREX) gains and losses between the original exchange rate and the closing exchange rate on the last day of the month. 3. If there were unrealized FOREX gains and losses recorded in the legacy system as of the cutoff date, a reversing Journal Entry (JE) should be created on the first day of the next month. This ensures that the new unrealized FOREX calculated by the revaluation process in NetSuite is the net of the reversal and the cumulative as of the end of the month. 4. For foreign currency bank accounts, ensure that the full foreign currency balance has been loaded with the exchange rates as of the cutoff date. This is necessary for the revaluation process to be accurate. 5. As part of the data migration, post the full foreign currency revaluation reversal on the first day of the next month. This should include all balances that are held in foreign currency and are eligible for revaluation. 6. For non-AR, non-AP, and non-bank accounts, NetSuite revalues all foreign currency transactions posted into these accounts from day 1. The revaluation is done separately for the debit balance and credit balance for the same General Ledger (GL) account in the same period and same subsidiary. 7. If a foreign currency bank account has a zero balance in the foreign currency but a non-zero balance in the base currency, the currency revaluation process should clear the base currency balance to zero. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******