Types of Accounts That Can Be Revalued
You can generate currency revaluations for any non-equity balance sheet account. This includes foreign currency accounts and accounts that are not denominated by a currency. Revaluing non-denominated accounts provides information about potential future realized gains and losses introduced by currency fluctuations in accounts that contribute to your company's balance sheet. When you run revaluation for accounts without a currency denomination, the revaluation process revalues all transactions posted to the account. Revaluations that are not automatically generated by NetSuite, such as month-end revaluations, usually post their variances to the Unrealized Gain/Loss account. Base currency adjustments, which post to the Unrealized Matching Gain/Loss account, are the exception.
For additional information about base currency adjustments, see the following topics:
Foreign currency transactions against base currency bank accounts are converted to base currency at the time the transaction is recorded.
The Revalue Open Balance for Foreign Currency Transactions box on the account record indicates whether you can select the account for revaluation on the Month End Currency Revaluation page. Check this box to make a balance sheet account available for revaluation regardless of whether it has a designated currency. For information about creating or editing accounts, see Creating Accounts.
Accounts Receivable, Accounts Payable, and Unbilled Receivable accounts are always included on the Month End Currency Revaluation page. Journal entries that post to Accounts Receivable and Accounts Payable accounts are considered closed transactions, not subject to revaluation, unless they include vendor or customer names.
The following table shows the default values for the Revalue Open Balance for Foreign Currency Transactions box by account type:
|
Account Type |
Revaluable |
Editable |
Default Value |
|---|---|---|---|
|
Accounts Receivable, Accounts Payable, Unbilled Receivable |
Yes |
No |
Checked |
|
Fixed Asset, Other Current Asset, Other Asset, Deferred Revenue, Deferred Expense |
Yes |
Yes |
Clear |
|
Bank, Credit Card, Long Term Liability, Other Current Liability |
Yes |
Yes |
Checked |
You cannot revalue open balances for equity and income statement accounts: COGS, Expense, Income, Other Expense, and Other Income.
For instructions for running currency revaluation, see Generating Revaluations.