Defining Currency Buckets

The currency buckets setup options determine how many currency buckets are set up for your company. You can have up to three currency bucket, for example: Entered, Functional, and Reporting.

Currency Buckets should be defined for each bucket that must be certified in reconciliations, and for any additional buckets that make it easy to prepare the reconciliations.

For example, it’s very common to require reconciliation at the FUNCTIONAL currency bucket. If this is the case for your company, then the Functional currency bucket should be enabled.

If it helps Preparers perform the reconciliation by entering values in the ENTERED, or Posted currency value, then this bucket should be enabled as well.

The REPORTING currency bucket is typically enabled only when a certification requirement exists for this bucket. Note that all the bucket labels are configurable to enable renaming to match your company convention.

Note:

If you need to disable a currency bucket, be sure that any Lists (including saved lists) referring to that bucket are updated to reference the enabled currency bucket(s) instead. This may involve removing and replacing the currency attribute to sync it to the newly enabled bucket.

To define Currency Buckets:

1. From Home, click Application, then click Configuration, and then select the Currencies tab.
2. Select Currency Buckets.
3. Select a label for the multiple currency bucket for Balances and Transactions data. For example:

   • ENTERED—Report balances and transactions in the currencies in which they occurred.

   • FUNCTIONAL—Report balances and transactions in the currency associated with the entity that owns the account.

   • REPORTING—Report balances and transactions in the currency used for system-wide reporting.

4. Select whether to Enable the currency bucket to display in the application.
5. Select a Default Currency, for example, US Dollar (USD).
6. Review Decimal Places
7. Select Balance Attributes with All Currencies to include a balance attribute that contains all currency values. The balance attributes will be available for selection in column lists and filters.
   This option is selected by default for all currency buckets.
8. For the required currency buckets, select Balance Attributes with Default Currency to include a numeric balance attribute that displays the balance in the reconciliation’s default currency only. The balance attributes will be available for selection in column lists, filters, and calculations for reconciliations, profiles, and transactions.

If both Balance Attributes with All Currencies and Balance Attributes with Default Currency are selected, all the balance attribute options are available for filtering and calculations. If neither option is selected, or the currency bucket is disabled, no balance attributes will be available for selection for the bucket.

Note:

All possible balance attributes are always be created in Account Reconciliation. Use these options to make the required balance attributes available for selection. If an option is unchecked, but some of the attributes are already in use, they will continue to function as before. However, the users will no longer be able to select them for new filters, calculation.