ANS-0235 · ACCOUNTING & FINANCIAL CONFIGURATION
How to Clear Residual Base Currency Balances in NetSuite Foreign Accounts
Understand how NetSuite's month-end revaluation process automatically adjusts and clears residual base currency balances for foreign currency accounts.
Short answer
NetSuite automatically clears residual base currency balances in foreign currency accounts during the month-end closing process. The "Revalue Open Currency Balances" function posts an adjustment to the "Unrealized Matching Gain/Loss" account. The resulting transaction header will display "Base Currency Adjustment" to reflect this specific type of revaluation.
Scenario
A foreign currency account in NetSuite may sometimes show a residual base currency balance even when its foreign currency balance is zero. This situation can occur due to minor exchange rate fluctuations or rounding differences, requiring an adjustment to maintain accurate financial reporting.
Solution
NetSuite addresses residual base currency balances in foreign currency accounts as part of the standard month-end closing procedures.n
During the execution of the “Revalue Open Currency Balances” function, NetSuite automatically posts an adjustment.n
This adjustment is recorded in the “Unrealized Matching Gain/Loss” account to clear the residual base currency balance.n
To view the created currency revaluation, navigate to Transactions > Financial > Revalue Open Currency Balances > List. The header of this specific transaction will be labeled “Base Currency Adjustment”.
Expert NetSuite Support
Need help with this NetSuite issue?
Accounting & Financial Configuration consulting and configuration support