Using Currency Translation

Often stakeholders in a data collection process in a company are based across multiple geographical regions. The data preparers usually prepare the data in their local currency while submitted data needs to be analyzed in the local currency of the parent company (for example, Headquarters.) Almost always, the final financial reports are generated in the currency of the parent company. The currency translation feature gives you the capability to translate currency attributes from local to parent currency within Supplemental Data Management.

Step 1. Enabling Currencies and Creating Currency Rate Types

To use currency translation, you must enable at least two currencies in System Settings and create the currency rate type. See Enabling Currencies and Creating Currency Rate Types.

Step 2. Selecting Default Currency for Entity Members

Next, you select the default currency for Entity members. See Selecting Default Currency for Entity Members

Step 3. Creating Currency Exchange Rates

The next step in the process is to open a data collection period and create the currency exchange rates in Manage Currency Rates. You can input the exchange rates or load them thru a .csv file. See Creating Currency Exchange Rates

Step 4. Work on the Data Set by Creating and Assigning Currency Attributes for Entities

The next step in the process is to work with your data set to set up translated currencies.

See Setting Up Currency Attributes for Translation