Specifying Default Translation Settings

By default, the system provides standard translation methods on all accounts with either a time balance property of Flow or Balance. You can select to change these settings and specify a default translation method and rate account for the application.

Security rights for Default Translation Settings

• Only service administrators can modify Default Translation Settings.
• Power users can view Default Translation Settings.
• Users and Viewers cannot modify Default Translation Settings.

System Default Translation Settings

When an application is first created, the system creates the following settings by default.

Balance account

• Translation method: Periodic
• Rate Account: Ending

Flow account

• Translation method: Periodic
• Rate Account: Average

You can select different translation settings for the application to use by default. Default translation methods are applied throughout the application unless Point of View specific overrides exist.

Note:

Any changes to the default translation settings impact existing data in the application. The calculation status changes from OK to System Change, and the status for all reporting currency changes to Needs Translation. This applies to both locked and unlocked entities.

To specify default translation settings:

1. On the Home page, click Application and then click Consolidation.
2. From the Consolidation Process page, select the Translated tab.
3. From the list of rules, select Translation Overrides.
4. Click Manage Defaults.
5. When you open the Default Translation Methods page for the first time, it is populated with the system-provided default values. Select translation options for Balance and Flow accounts as needed.

   Balance account

   • Translation method: Periodic or Year To Date
   • Rate Account: Average or Ending

   Flow account

   • Translation method: Periodic or Year To Date
   • Rate Account: Average or Ending

   Note:

   Although you can create additional rate accounts for an application, you can only select Average or Ending for the default translation accounts.
6. Click OK to save your changes.