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Jun 20, 2020 at 12:18 PM

How do you use the average rate for the Income Statement in ByDesign?

157 Views Last edit Jun 21, 2020 at 02:30 AM 2 rev

Per US GAAP for financial reporting the Income Statement is suppose to use the average rate when converting company currency to the corporate currency when doing consolidation. An example would be that the holding company owns companies in several countries including US, Canada, and the UK. For consolidation purposes they use USD as the currency. When I run a Functional Income Statement to do the consolidation you need to select the Currency to use and a conversion date. The system then uses the rate for that day for the conversion. Is there away to have the Income Statement use the Average FX rate for the month instead?