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Original Currency Detail

OIPA stores the original currency code, currency amount, exchange rate effective date and exchange rate for activities and suspense. This new functionality includes configuration enhancements to allow this feature to be turned on or off and also allows a user to request what Market Maker should be used for the exchange. In addition the system records values used in these accounting currency exchanges for auditing purposes.

The ChartOfAccountsCriteria business rule is now renamed ChartOfAccountsSpecifications and a new element is supported that allows accounting records to be written in the default plan or company currency while retaining the information on the original currency amount entered.

The Unit Linked template uses a parent company override of the rule to write the original currency of the entered suspense record and captures the currency exchange factors (rates and dates) per the effective date and market maker entered on the Suspense screen.

The Unit Linked template Premium transaction has the COA set up to report on the Math Variable (MoneyIn). The transaction uses a ChartOfAccountsSpecifications child company override since that is the company the transaction is associated to. The accounting should capture the original currency of the MoneyIn math variable and the exchange factors (rates and dates) per the exchange effective date (math variable) calculated in the transaction and the default plan market maker.

Configuration Requirements

The following prototype samples are provided to demonstrate this functionality. They reside in the Admin Explorer | Administration | Chart of Accounts folder.

Suspense: A suspense entity was created that uses a parent company override of the ChartofAccountSpecifications rule to write the original currency of the entered suspense record and capture the currency exchange factors (rates and dates) per the effective date and market maker entered on the screen.
Premium: Premium transaction has the Chart of Accounts set up to report on the Math Variable (MoneyIn), formerly the Chart of Accounts was by fund. The transaction uses a ChartOfAccountsSpecifications child company override since that is at the company the transaction is associated to. The accounting should capture the original currency of the MoneyIn math variable and the exchange factors (rates and dates) per the exchange effective date (math variable) calculated in the transaction and the default plan market maker.

Currency Prototype Examples

Chart of Accounts in Admin Explorer

ChartofAccountsSpecifications: Overrides for this business rule are created at the company level (Parent company for suspense, Subsidiary company for transactions). ExchangeToBaseCurrency is given a value of Yes. If set to Yes, then the system will write the accounting detail in the base currency and write the original entry currency and its exchange detail to another table (AsAccountingDetailExchange). By default, the system will use a value of No and write accounting details in the entered currency. MarketMaker is an optional attribute. By default the plan or company MarketMaker will be used (if ExchangeToBaseCurrency is Yes). EffectiveDate is an optional attribute. By default, the suspense or activity effective date will be used (if ExchangeToBaseCurrency is Yes). Navigate to Global Explorer | Business Rules | System | ChartofAccountsSpecifications | ChartofAccountsSpecifications (International Holding Company).