After running the elimination process for December 21, I still see some insignificant balances on some of the interco accounts in the balance sheet. I can hardly identify them give the volume. Some gaps that I succeed to detect are related to some currency revaluation postings that didn't eliminate. Can someone please give an explanation of how do currency revaluation entries work in terms of elimination? Because I have the impression that some CR are eliminated and others are not and that what is causin the problem.
Thanks in advance.
04/06/2022, 11:05 PM
maybe, like me, you ran interco eliminations in your adjustment period. You are not supposed to do that, as the reversal doesn't happen until Jan
04/07/2022, 12:40 AM
Thanks for your reply Jon but it is not really the case as we don't use an adjustment period.
04/11/2022, 3:53 PM
@Leya sweet - you might want to validate that ALL BS accounts revalue, at least those that are supposed to, such as current assets, current, liab, other assets, etc (not equity and probably not fixed assets, depends on your policy). it is likely some accounts were not marked to revalue and now you have differences
04/11/2022, 7:29 PM
Thanks for your help. I checked all the accounts that supposed to revalue and everything looks fine at this level.
04/12/2022, 5:19 PM
@Leya sweet - do you eliminate manually or systematically? How many IC BS accounts do you have (2 or more)?
04/12/2022, 5:20 PM
Automatically, more than 2, around 8 accounts .
04/12/2022, 5:25 PM
I It is possible that FX reval was not done again after additional JEs (AR, AP) were posted (and eliminated). I would run a search to see all FX rates used on IC accounts and another search system notes for timing of those additional transactions. See if this helps