Often stakeholders in a data collection process in a company are based across multiple geographical regions. The data preparers usually prepare the data in their local currency while submitted data needs to be analyzed in the local currency of the parent company (for example, Headquarters.) Almost always, the final financial reports are generated in the currency of the parent company. The currency translation feature gives you the capability to translate currency attributes from local to parent currency within Supplemental Data Management.
Currency translation uses the following process:
- The system stores the base currency (or default currency) of entity members in Supplemental Data Manager.
- If you are using a multi-currency application, the system also stores Currency Rate Types, and currency rates, using the Exchange Rates member of the Account dimension in the Rates cube. The Rate Types and Currency Rates are read-only in Supplemental Data Manager.
You can select the default currency for Entity members. You then assign currency attributes for entities. See Selecting Default Currency for Entity Members and Setting Up Currency Attributes for Translation.