Monetary item
In accounting, monetary item means a balance fixed in currency units — cash, receivables, payables, debt — and therefore remeasured when exchange rates move; inventory, prepaids and PP&E are non-monetary.
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This definition follows ASC 830-10-45-17.
Every citation in this system, with the text we read and the date we checked it, is in US GAAP and where these rules come from.
What it is not called
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- cash item
Nearby in the catalog
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- Journal entry for a realized foreign exchange gain or lossBook a foreign-currency invoice at the rate on the invoice date. When it is collected at a different rate, debit Cash for the dollars received, credit Accounts receivable for the dollars originally booked, and book the difference as a realized foreign exchange gain or loss.Entry
- Journal entry for an unrealized FX revaluationAt each month-end, remeasure open foreign-currency receivables and payables at the closing rate: debit the receivable and credit Foreign exchange gain when the dollar value has risen, or the reverse for a loss. The gain is unrealized until the item settles.Entry
Defined in Lexicon. This page is generated from that document, so the two cannot disagree.