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Former Member

Currency conversion Opening balance to be last month closing balance

Hi Expert,

I have requirement wherein currency translation for Equity and Investment Accounts periodic balance is required at average rate and Opening balance at prior month closing balance.

Regards

Bhagyesh Ravange

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4 Answers

  • Jan 18 at 08:39 AM

    Not clear - try to provide some sample!

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    Former Member
    Jan 18 at 01:42 PM

    Hi Vadim

    2016.12 - 50

    2017.01 - 51

    2017.02 - 52

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  • Jan 18 at 02:11 PM

    Hi Bhagyesh,

    Tag the Equity/Investment accounts with a Rate Type (new - to avoid confusion) or use a rate type that doesn't interfere with other Rate type requirements

    If you run Carry forward rules to pull your opening balance,

    Your Opening balance is already a copy of your closing balance of the last period of the FY. In the currency translation rule of the rate type defined for this accounts, define Opening flow with formula as "AS_IS", which will not translate your opening balance.

    For the Incoming/Outgoing Units flow, define formula as "AVG" - Average

    Hope this will help you to configure/solve your requirement. If you find it still not clear with the objective, comment with the detailed explanation based on periods (more detailed example)

    Regards,

    Harsha

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    • Former Member

      Hi Harsha,

      In the above Rollforward case currency translation will happen every month and opening balance will be prior month closing balance and not he prior period last month... so I guess AS_IS wont work.

      Regards

      Bhagyesh Ravange

  • Jan 18 at 06:19 PM

    In general for some set of accounts you can refine specific RATETYPE

    For this specific RATETYPE you can define currency conversion rule.

    In the rule you can define different conversion for each FLOW member.

    You can have special rate for previous month in the rate model.

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