I have CDN parent company USD sub company. I am setting up a trial balance (initially Income Statement and Balance Sheet to following).
I have USD balance sheet account in the sub with credit balance $100 at the end of last year. The balance at the end of August is $0.
Being a balance sheet account I have to pick YTD in the column set up to get the ending balance. I want to do currency translation and the CAD is picking up the net change for the period of Jan to August. which is Debit $100.
Do I have to enter an opening currency translation for all my balance sheet accounts so that the currency translation will go to zero?
thanks!