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 buckets, 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 attributes that contain all amounts for that bucket with the corresponding currency code.

   These attributes cannot be sorted or used in dashboards since there may be more than one amount and currency in each attribute and will require additional formatting if they are exported to Microsoft Excel. This option is selected by default for all currency buckets.

8. Select Balance Attributes with Default Currency to include attributes that contain a single amount for that bucket in the reconciliation’s default currency only. If there is more than one currency for a bucket, this attribute uses the provided currency rates to calculate a single amount. Since these attributes are a single amount, they can be sorted and used in dashboards, and will not require additional formatting if they are exported to Microsoft Excel.

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:

Organizations who are single currency (for example, USD only) would typically only select Balance Attributes with Default Currency for the active bucket. Organizations who have multiple currencies and/or multiple buckets would typically select Balance Attributes with Default Currency for all active buckets and select Balance Attributes with Default Currency for the highest enabled bucket (for example, Reporting bucket only).

All possible balance attributes are always created in Account Reconciliation. So, these options to select either or both of Balance Attributes with All Currencies and Balance Attributes with Default Currency only affect what attributes are displayed to the users. It does not cause any harm to select and deselect the options to determine a preferred configuration. If an option is unchecked, but some of the attributes are already in use, they will continue to function as before. However, users will no longer be able to select them for new lists, filters, or calculations.