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Per SFAS 52, foreign currency translation gain/loss is recorded as Other Comprehensive Income, which is a balance sheet account within equity. In GEAC, you tell the system what account you want the foreign currency gain/loss posted. However, the issue is that GEAC only allows you to post the gain/loss to an income statement account, not a balance sheet account. Does anyone have a workaround without programming? Seems to be just an edit check in the program not allowing posting to a balance sheet account. Has anyone removed the edit check in the program to allow posting to a balance sheet account, and were there any other problems later. Thanks.
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