1. Administering Tax Reporting
  2. Working with Dimensions
  3. Dimensions Overview
  4. Currency Dimension
  5. Setting up Currencies

Setting up Currencies

Input Currencies

The Input currencies include the application currency and any currencies enabled for the application. These currencies are used to assign as valid functional currencies for the Entity and to enter exchange rates against.

When you create a currency for the application, the system provides a list of standard ISO currency codes for selection. By default, the system creates Input currencies such as USD, EUR, GBP, and so on. You should only enable the currencies that you need for your application.

When you add a new currency to the Currency dimension, a new member is automatically created under From Currency. The alias for the Default Alias table for the new member must be set as the alias for the currency. If an alias is not defined, it must be set as the name of the added currency.

For example, when a currency named GBP is added to the Currency dimension, a new member called From_GBP is automatically created in the From Currency dimension. If an alias is defined for GBP, the same alias must be set to From_GBP also. If an alias is not defined for GBP, it must be set as GBP for From_GBP.

If the alias of a Currency member changes, the alias of the associated From Currency member must also be changed to the new alias.

If a Currency member is removed, the associated From_Currency member must be removed.

Note:

You should not rename input currencies after the application is created.

Reporting Currencies

A Reporting currency is the currency in which your company prepares financial statements. When you create a currency for the application, you can enable it for reporting purposes. You can also disable a currency as a Reporting currency.

The system supports currency conversion from local currencies to one or more Reporting currencies. Converted Reporting currency values are stored and read-only for all users. An application’s default currency is the default Reporting currency.

Only Reporting currencies are available for translation in the application. All Reporting currencies have a suffix of _Reporting, for example, USD_Reporting.

Each application is limited to 180 currencies, and each currency that is selected as a Reporting currency counts as two currencies (Input currency and Reporting currency).

A Reporting currency has two mandatory members:

  • Entity Currency—Used for data entry, when you manually enter data or load data into the application. If your entity's functional currency is USD, and you enter data for the Entity Currency member, when you want to report using the Reporting currency member USD for the entity, you must perform a translation to USD_Reporting, because there is no data stored in USD_Reporting until translation occurs.

  • Parent Currency—Used to store the translated data as related to its parent. It is generated after consolidation and is a read-only member.

Reporting currency members are dynamic calculation members where the translation occurs dynamically when the data is retrieved. The values are never stored for Reporting currency members. The system only stores the Entity Currency and Parent Currency values.

Note:

You cannot edit or delete the Entity Currency and Parent Currency members. You can only specify an Alias.