How to Convert a Reporting Currency
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How to Convert a Reporting Currency
- 1 Minute to read
- Print
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In this example, the currency for an organization reporting in USD is converted to Canadian dollar.
- Access the Hierarchy Management page by navigating to Maintenance > Hierarchy > Hierarchy Management.
- Select the Reporting dimension and hierarchy.
- Create a reporting member and a child.
- In the Properties pane on the right side of the screen, set the Currency Type to Account Based.
- Set the Currency Code to CAD (Canadian dollar). Note that exchanges rates must be defined.
- Select Yes or No depending if there are currency exceptions applicable to the conversion. Exceptions can be defined on the Currency Exception page.
- Set the Calculation Type to Account Based.
Click OK and Save your selections.
- Run the Consolidation Process by navigating to the Consolidation Control Panel, selecting the Consolidation Process, and clicking the Process action. Or, use Cloud Scheduler.
- At this point, you can generate a report with the converted currency (which is Canadian dollar in this example) by selecting the newly created reporting member in the reporting dimension.
- Change the currency associated with the reporting member on the Hierarchy Management page and run the Consolidation Process again to report in GBP. You can continue to change the currency and rerun the Consolidation Process to produce reports in any currency as long as conversion rates are defined.
Note:
No more than 5 reporting members may be selected at once for conversion. Currency Conversion may be applied from the Currency Exchange Rate page or Consolidation Process.
Note:
When you run the Consolidation Process for the first time after you’ve completed the steps above, it’s important to process all periods in the current financial year as well as the last period of the previous financial year. This will ensure that month-to-date (MTD) and year-to-date (YTD) values are computed correctly. For example, if the current financial year is January 2018 to December 2018 and you’ve configured a reporting member in June 2018, you will run the Consolidation Process for December 2017, and all periods from January 2018 through June 2018.
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