Unrealized Gain/Loss on Revaluation -Simply Accounting-Canada

Discussion in 'Accounting' started by Slap, Jun 29, 2006.

  1. Slap

    Slap Guest

    In Canada with some US$ sales. Simply Accounting tracks all the exchange
    rates. US$ account is OK but Simply displays what it thinks is $ value
    Canadian on the balance sheet... totally whacked of course.

    When I revalue before displaying the balance sheet it displays the US$
    amount at current exchange rates in Canadian funds and is correct. In order
    to do this it throws a $270 loss in the equity section calling it
    "Unrealized Gain/Loss on Revaluation".

    I suspect if it was a positive amount the TaxMan would want his share.
    Anyway how do I get this off the balance sheet? I can't access that account
    to put it in an expense account... at least I've not figured it out yet.
    Can't credit the US$ account as that would throw it out to lunch.

    Anybody know what to do about this?
    Slap, Jun 29, 2006
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