Consolidation Translation Method

leewhite1234

It seems from the Business Unit card that the rates are to be manually entered for each consolidation, so we're confused why you can set the source of the currency exchange rate table.

We're setting up a consolidation company to process six NAV companies in the same database and are confused about where the consolidation rates come from. The local currencies of the six companies are: 2 are USD; 1 is GBP; 2 are EUR; and 1 is MXN. The consolidation company has an LCY of USD.

On the Business Unit card, the field Currency Exchange Rate Table has two options Local and Business Unit. How do we setup a link between a currency rate and the consolidation translation methods?

Any explanation/guidance is appreciated!

Lee

juliem

Updating the consolidation exchange rates can be done at any time before the consolidation is performed.
Check that the EOM rates have been entered for the month you are about to consolidate: Path: Departments / Financial Management / Periodic Activities / Currency / Currencies – Highlight a currency and select Exch. Rates
i. You then need to specify three exchange rates for each Business Unit: Average Rate (Manual), Closing Rate, and Last Closing Rate. Path: Financial Management / Periodic Activities / Consolidation:
ii. Select Lists, Select Business Units, Highlight a Business Unit Code then Select Related Information / Exchange Rate
a. In turn select and update the
i. Average
ii. Closing Rate, and
iii. Last Closing Rate (this self populates from the last consolidation) If you need to redo a consolidation you will need to reset this each time to the last closing rate.