As I understand the process of these accounts if I have no open forex items (AP or AR) then all amounts in Unrealized Gain/Loss should have been reversed and the actual Gain loss posted to the Realized accounts.
Is this correct?
I ask because that is my situation and I have balances remaining in Unrealized which i believe should be journalized to Realized
Thank you
Hi,
Yes the comment you did is correct.
Hi DABolton,
Your understanding is correct. When using the currency revaluation for AR and AP, it creates unrealized gains or losses. When settling the open invoices with actual payments, the unrealized amount will be reversed, and a new realized gain/loss will be calculated and posted.
If you have unexpected balances, review if there are unsettled invoices or manual postings on the Unrealized Gain/Loss account(s).
Under review
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