Currency Revaluation - Do you revalue all accounts that have foreign currency posted to them at month end? I am in a new job and what they do here is they revalue only Intercompany Balance sheet accounts in foreign currency that have offset in other countries. They do not revalue the Intercompany Balance sheet accounts that are in USD and the offset is within US (not in other countries) - the issue is AP still post EUR/ USD to this US accounts - so I think I should revalue these as well. TY!!!
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It is not necessary to recognize unrealized gains or losses on a monthly basis for all accounts. I would only do it for the bank GL accounts or maybe interco. For other accounts, your accounting software should be updating daily (automatically or manually) with the current currency rates. When you consolidate financials in multiple currencies it should be calculating the balances to a predetermined home currency. If the software is not updating or has all currency rates at 1, that’s another issue.
I do!