How should I go about if the customer requested to have a reporting currency in USD which report to their HQ and they maintain their local currency (RM) for their book. The situation here is where come to year end, this customer will sumbit the finalised account to HQ in USD and this CANNOT be change it anymore. But normally auditor will come in later to do auditing and there are some reclassification transactions which will impact the US currency. Should I implement the reporting currency functionality and is there a way for me NOT to adjust the reporting currency when I post additional transactions to system? or Use another company book and do the necessary adjustment. Please advice.
Hi Yvonne, Firstly it is not correct on the part of your customer to make adjustment into the accounts after submitting the reports to HQ. If there are any adjustments, then the same should be reported back to HQ or the same adjustments will have to be ignored when reporting, but neverthless be recorded in the system. Having said that, if your client still insists on this, then you could do some customisation on the journal lines (assuming that the adjustment entries will be posted from here) using an internal field called “additional currency posting”. Remember having done a similar customisation some time back. Using another company book may sound a complicated and time consuming effort to cater to some adjustment entries only !!
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Originally posted by Yvonne_Chua The situation here is where come to year end, this customer will sumbit the finalised account to HQ in USD and this CANNOT be change it anymore. But normally auditor will come in later to do auditing and there are some reclassification transactions which will impact the US currency.
In 2.60 you could remove the adjoining currency from G/L Setup, make your adjustments and set the currency back. [}:)] I don’t know whether this is still possible. I always had the impression that was an unintentional ‘feature’. [;)] Anna
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In 2.60 you could remove the adjoining currency from G/L Setup, make your adjustments and set the currency back. I don’t know whether this is still possible. I always had the impression that was an unintentional ‘feature’.
Anna can you elaborate on this? As far as I remember in 2.6 (and also in Attain!) the moment you set the currency back in the setup all the entries are converted back to the Additional reporting currency including the adjustments !! I am just wondering if I have missed something here !
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Originally posted by rohkam Anna can you elaborate on this? As far as I remember in 2.6 (and also in Attain!) the moment you set the currency back in the setup all the entries are converted back to the Additional reporting currency including the adjustments !! I am just wondering if I have missed something here !
Or maybe I did miss something. The problem I was thinking about is that, with the additional reporting currency setted, it is impossible to change anything in the Closing Statments before posting them, which usually drives accountants crazy, even if they have nothing to change. About what happens to the converted amounts they usually don’t care. [:)] Anna
I am just developing functional books and reporting currency books. the module will support 4 diferent reporting currency books totaling. the job will finish within this 10 days.