Balance Sheet > Amounts Incorrectly Translated from Foreign Currency to Base Currency, especially after a Currency Revaluation
Published on
November 22, 2023 at 12:43:59 AM PST November 22, 2023 at 12:43:59 AM PSTnd, November 22, 2023 at 12:43:59 AM PST
Scenario
Users customizes Balance Sheet to include the Amount (Foreign Currency) column and the system shows below behavior: Amount in Foreign Currency x Month-end Ending Rate* Amount in Base Currency
Note:By default, the Current Rate.
Solution
The ending balance of an account should NOT be multiplied directly against the month-end exchange rate.
The ending balance must only be adjusted by the net currency revaluation amount. Also consider the fact that there are transactions which require no adjustment/translation.