What is the month end activiy of GR/IR clearing account and
FOREIGN CURRENCY VALUAION.pls give me ans in detail
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Answer Posted / divyesh patel
Foreign currency Valuation: When open items in foreign currency are valuated, the differences between the exchange rate determined at date of revaluation (month end) and the historical rate is posted as unrealised exchange rate difference.
The revaluation posted will be reversed automatically in the next month.
GI IR in Month end :
This transaction is used to clear open items in GR/IR clearing accounts that have matching Purchasing Doc Number & Item (e.g.. when Goods Receipt & Invoice Verification have been posted for the PO Number & Item)
Open Items are cleared when the total amount of the matching items total to zero.
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