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I have a receivables account denominated in SGD (Singapore Dollars), and a tax ID (SG-GST) that automatically calculates Singapore GST of 7% and saves it to the receivables account, to represent the fact that we expect to reclaim this goods-and-services tax. An accountant accidentally chose this tax ID for an expense incurred in USD. Solomon automatically generated a tax transaction in USD, and saved this amount to the SGD-denominated receivables account. Now, when we run the Revalue General Ledger process to generate currency translation adjustments, the amounts calculated are way off, presumably because the system doesn't expect to find USD-denominated transactions in an SGD account.
How exactly the system should have handled this is up for debate, but now I'm stuck with a USD transaction in an SGD account. I can't make a journal entry to reverse the GST, because the system prevents me from making a USD adjustment to an SGD account.
Does anyone know of a way to undo the damage? I tried temporarily changing the account to accept other currencies, but this is not permitted, even in initialization mode. I could theoretically enter a "negative expense" in USD with the SG-GST tax ID and have the system automatically generate a negative GST transaction, but this generates noise on the books that I wouldn't like to see if I were an auditor. Anyone know of a cleaner way to handle this?
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