Enhanced Pillar Two Currency Translation

Pillar Two translation is enhanced to improve processing speed and efficiency. Now, when running translation, Pillar Two Currency also automatically translates to Reporting Currency, eliminating the need to run a separate Pillar Two Translation rule. 
The following Pillar Two forms now have a “Translate” menu option, streamlining your workflow:

• TRCS_Pillar Two Covered Tax
• TRCS_Pillar Two ETR
• TRCS_Pillar Two GloBE Income
• TRCS_Pillar Two Other Accounts

Business Benefit: This enhancement reduces processing time and eliminates extra user interactions during translation.

Key resources

• Administering Tax Reporting
  • Translating Pillar Two Currency to Reporting Currency
  • Translation Order of Precedence
  • Consolidation and Translation Rules