It appears that “Unrealized Gain or Loss” is a QBO background function account, but the “Exchange Gain or Loss” account appears to be a normal account. Why do we have the option to show the unrealized gain/loss? I am confused about the entire concept.
- Unrealized Gain or Loss
- What is the purpose of this account?
- I am unable to change the name of this account, why?
- How do you realize the gain or loss?
- Per US GAAP, unrealized gains or losses should be recorded in the equity section of the Balance Sheet. Why is currently on the Income Statement?
- Exchange Gain or Loss
- What is the purpose of this account?
- Is this where the gain/loss on currency revaluation goes?
- We perform revaluing currency at month end, correct?
