Consolidation - Currency Exchange Rates

sneha

I am working on consolidation, need your help. US and EU are two business units
I have setup Closing Rate as Consol. Translation method for Some of the GL Codes, and Average (Manual) as Consol. Translation method for some of the GL Codes. And, I am using Currency Exchange Rates from Consolidated Company. In this scenario, how I have to update the currency conversions table in Consolidated Company? For whole month (or) just for one day (or) starting date of the month and ending date of the month?

sneha

Pls. advise me

jannestig

Well depending upon your setup, you should either have a fixed month end rate in consolidating.

The help explains as below

The exchange rate amounts are completed as follows for these options:
• Average Rate (Manual): Enter the exchange rate to use to calculate
the value for G/L accounts assigned a Consol. Translation Method
of Average Rate (Manual); the exchange rate is typically an
arithmetic average of the exchange rates for the period or can be a
best estimate.
• Closing Rate: Enter the exchange rate to use to calculate the value
for G/L accounts assigned a Consol. Translation Method of
Closing; the exchange rate is typically the exchange rate in effect at
the last date of a period
• Last Closing Rate: Enter the exchange rate used for the prior period
to calculate the value for G/L accounts assigned a Consol.
Translation Method of Closing; the exchange rate is typically the
exchange rate in effect at the last date of the prior period.
NOTE: The exchange rate field for the Last Closing Rate is populated based on
the closing rate used for the last consolidation; therefore, it is not generally
necessary to edit the rate. However, when it is necessary to reprocess
consolidations, the entry must be updated manually.