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65We have some transactions in foreign currency and will have unrealized exchange gain/loss. According to GAAP, unrealized gain/loss on foreign currency transactions should be components of AOCI.
My questions is
Can we set up an equity account (AOCI) that works like Retained Earnings? So that we can close our unrealized gain/loss automatically to it at the year end.
Do we have to manually do it at the end of each period?
Please let me know how you do this in your company.
Thanks very much
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