Specifying Profile Currencies

If your company uses one currency configuration, then the currency tab is hidden. Summary reconciliations are always prepared in a single currency. Changes are required to the Currency tab to enable configuration for a single currency bucket. For summary reconciliations, select the Rate Type, and them select the single currency bucket. The functional currency bucket is the default.

Determines the number of currency buckets enabled for the reconciliation and the behavior of foreign exchange translation. Enter this information:

To set up profile currency:

  1. From Home, select Application, and then Profiles.
  2. Click New (+) to create a New Profile.
  3. Click the Currency tab.
  4. Select Historical Rate for profiles that contain accounts not subject to revaluation in the source system:

    • If Historical Rate is selected, the preparer must specify the value in all currency buckets enabled on the reconciliation when entering transactions into the reconciliation (for example, balance explanations or adjustments).

    • If Historical Rate is cleared, the preparer must enter a value into the lowest -level currency bucket (for example, the entered currency bucket), and the system calculates the equivalent value in the other currency buckets using exchange rates maintained.

  5. Select Rate Type. You don't need to select a rate type if only one currency bucket is selected for your profile.

    The rate type selection applies only if the historical rate is cleared. When Foreign Currency Rates (FX rates) are loaded, they are associated with a rate type. The rate type setting on the profile determines which series of FX rates are used to perform currency conversion calculations for transactions of reconciliations pertaining to the profile.

  6. For each bucket Label (for example, Entered, Functional, or Reporting), enable it and select the default currency.

    The currency bucket table determines which currency buckets are enabled for the profile. Currency buckets are configured in system settings, and only those buckets enabled at a system level can be enabled for individual profiles. If a currency bucket is enabled, then you can assign a default currency to the profile, by accepting the system-level default for that bucket or by assigning a profile-specific default value.

    Setting a default currency is important and impacts the following:

    • When one or more of the currency buckets has Balance Attributes with Default Currency selected, the system will automatically convert all other currency amounts into this default amount in the Default Currency column, which can then be used in list views, pivot views, and custom dashboards.
    • When the Preparer is entering a transaction on a reconciliation, the default currency is pre-selected.
    • If you load balances in a currency that is not the default currency for that bucket, the reconciliation shows blank values for this bucket. To view the balances in the reconciliation, you can change the default currency to the currency in which balances were loaded.