Create Revaluation Entry

Use this screen to revalue balance sheet accounts in order to recognize realized and unrealized gains and losses.

Recognizing currency-related gains and losses enables you to do the following:

• Identify translation adjustments in Other Comprehensive Income (OCI) when preparing financial statements.
• Comply with Generally Accepted Accounting Principles (GAAP) standards for disclosure of comprehensive income.

Costpoint gives you the option of either including OCI as an additional section on the income statement or creating a separate Statement of Comprehensive Income.

You can only create or post revaluation entries if there are no unposted settlement transactions made through the Revaluation Settlement screen. Foreign currency transactions used as offsetting transactions in a settlement entry on the Revaluation Settlement screen will no longer be included in calculations during the revaluation process.