A company is using the Multiple Currencies feature. Which account type allows Revalue Open Balance for Foreign Currency Transactions?

The "Revalue Open Balance for Foreign Currency Transactions" feature in NetSuite is used exclusively for balance sheet accounts. This process adjusts the base currency value of open foreign-currency-denominated assets and liabilities to reflect period-end exchange rates, generating unrealized gains or losses. Account types such as Bank, Accounts Receivable, Accounts Payable, Other Current Asset, and Other Current Liability are eligible for revaluation. Income statement accounts (Income, Expense, Cost of Goods Sold) do not have open balances that carry over between periods in the same manner and are therefore not revalued using this process.

A. Cost of Goods Sold: This is an income statement account type. Its balance is closed at the end of the period and is not subject to open balance revaluation.
B. Income: This is an income statement account type. It does not maintain an open balance that requires revaluation at the end of a period.
C. Expense: This is an income statement account type. Its balance is closed at the end of the period and is not subject to open balance revaluation. ---

1. NetSuite Help Center, SuiteAnswers: Setting Up Account Records, Answer ID: 9911. This document details the fields on an account record. It specifies that the Revalue Open Balance for Foreign Currency Transactions checkbox is available for balance sheet account types, including Bank, Accounts Receivable, Accounts Payable, Other Current Asset, Other Asset, Other Current Liability, Long Term Liability, and Equity. It is not available for income statement account types like Income, Cost of Goods Sold, or Expense.

2. NetSuite Help Center, SuiteAnswers: Foreign Currency Revaluation, Answer ID: 10080. This article states, "The process of foreign currency revaluation generates journal entries to adjust the base currency value of your foreign-currency-denominated assets and liabilities." This confirms the process applies to balance sheet accounts, not income statement accounts.