Multiple currency translation for consolidation

[Former Member]

Hi,

I need a best practice about translating consolidation into many optional currency translation.

for example :

small medium enterprise has standard currency translation $1 is Rp.9.500,- but the management want to see from range Rp.9000,- to Rp.10.000,- and what will happen to consolidation report.

Thanks

[Former Member]

Hi CrashOverRide,

In our practice regarding multi-currency consolidation:

1. We define the local currency of each small enterprise.

2. Set up a currency conversion rules.

3. Create a group currency where you will define what currency each of the small enterprise will be consolidated to.

4. Set up the consolidation business rules.

The idea will be is that, first all of the small enterprise will be translated to a common currency that is defined in your group currency and then from there, the consolidation rules will apply. So depending on how many currency you want to view your consolidated data, your need to create a group currency for each.

Hope this helps,

Marvin