STAT Currency Treated Like Functional Currency at Year End For Average Balances (Doc ID 951442.1)

Last updated on FEBRUARY 04, 2025

Applies to:

Symptoms

Average Balances is used in the set of books. 

When STAT data is posted via  journals,
-- Asset and Liability Accounts with STAT Amounts have Average Balances (as expected).
-- Revenue and Expense Accounts with STAT Amounts do not have Average Balances (as expected). 

ISSUE:
At year end, it is noticed that  the Retained Earnings account in the first period of the new year,  has the Average Balances for the Revenue and Expense amounts rolled into it, for STAT currency balances.

For standard functional currency balances, it is expected that at year end:

        Balance Sheet accounts- these balances roll forward to the first period of the new year and retained earnings will not be affected. 

       Revenue/Expense - these do not roll forward and the balance will be transferred to the Retained Earnings account.

For STAT balances, it is expected that : 

      Balance Sheet accounts - these balances roll forward to the first period of the new year and retained earnings will not be affected. 

      Revenue/Expense - these do not roll forward and the balance will NOT be transferred to the Retained Earnings account.   At the start of new year average balance of retained earning account for STAT  should be shown as zero. 


     

Cause

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