At this screen, you can run the currency translation process to translate the financial data of the divisions to the presentation currency of their reporting entity. Before the currency translation is executed, you can run a checking process on each division at Financial/Reports/Financial consolidation/Check configuration to ensure all prerequisite steps have been fulfilled. In addition to this, further checking will also be performed when you are preparing to translate the financial data. This additional checking includes validation on the currency translation adjustment (CTA) G/L account, exchange rate types, and consolidation opening balances settings.
Note: This functionality is available only if you have the module license YA1040 – Financial consolidation and option 470.
Financial/Reports/Financial consolidation/Presentation currency translation
To translate the financial data to the presentation currency of the reporting entity, function right 43 - Generate consolidation worksheet is required. Users with the General manager and Controller roles have this function right.
For more details on what you can do with function rights or levels, go to System/Setup/Security/Function rights, select the required module, and then click on the relevant ID. To find out the functions you can perform with a particular role, go to System/Setup/Security/Roles, type in the description, click Refresh and then click the required link under the Role column.
Click this to display all the divisions that are linked to the reporting entity and the results of the currency translation process checking based on the defined criteria.
Note: Once you have clicked this button, the name of the button will change to Refresh.
Click this to update the screen based on the last defined criteria.
Click this to start the currency translation process.
Click this to exit.
Type or select the reporting entity which you want to run the currency translation process. This is mandatory.
Select Transactions to translate the transactions amount or Opening balance to translate the opening balance amount.
Note: If you select Opening balance, the system will validate whether you have defined the consolidation opening balances setting in the Financial settings. If you have not defined, you will see this message “Consolidation opening balances setting not defined. -> Financial: Settings”. Click the Financial: Settings hyperlink to define the settings. For more information, see Defining Financial Settings.
Select the presentation currency to translate the financial data of the linked divisions to. By default, it will show the presentation currency of the reporting entity. However, you can still select other active currencies as the presentation currency.
Type the financial year in which you want to run the currency translation process. By default, only active financial years of the selected reporting entity will be available for selection. Next, type the period in the financial year which you want to run the currency translation process. It is mandatory to define the financial year and period to run the currency translation process.
Note: If you select Opening balance at Translate to translate the opening balance amount, by default, Year/period will be based on the financial year and period you have defined at Consolidation opening balance when you define the financial settings. Hence, you cannot change the financial year and period. For more information, see Defining Financial Settings.
Select All to display the divisions which the currency translation has been performed as well as those which the currency translation process has not been performed. Alternatively, select Translated to display only the divisions which the currency translation process has been performed or To be translated to display only the divisions which the currency translation process has not been performed.
Define the types of transactions of the divisions to be included in currency translation. By default, the Standard checkbox is selected and disabled. Standard types of transactions consist of normal, correction, and correction opening balance transactions. Select the Fiscal check box to also include the fiscal transactions in currency translation.