One of foreign customer's ledger account has not been settled for the fiscal years (as per Indian GAAP) 2014 & 2015. The books for the year 2014 have been closed. We are in the audit process to close the year 2015 ending 31.03.2016. The customer account being a foreign currency account If I select all the open transaction and give "settle" as on date what will be the effect of exchange rate difference. Will it get effected as on the date of settlement or otherwise? Please help.
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