1. Working with Tax Reporting
  2. Working with Regional Tax Process
  3. Working with Regional Current Provision
  4. Working with Regional FX Rates

Working with Regional FX Rates

Foreign Exchange Rates (FX Rates) define the values at which two currencies may be exchanged for one another. You enter the rate value in a decimal format.

You can apply an FX rate for all base or parent entities with the same currency, or you can apply a different rate for each base or parent entity. Even within one currency, you may have multiple entities. For example, for USD, you might have entities set up for New York, Los Angeles, and Chicago.

The following FX Rates forms are available from the Library:

  • Entering Regional FX Rates Full Year--Use the FX Rates Full Year screen to enter the Average and Ending FX rates for a selected currency and POV for each period in the application for a full year.
  • Entering Regional FX Rates Single Period--Use the FX Rates Single Period screen to enter the Average and Ending FX rates for all currencies that are being used for the selected entity for a specified period.
  • Reviewing Regional FX Rates--Use this read-only format to review Foreign Exchange (FX) rates for the Tax Reporting application.

For more information on configuring Foreign Currency Translation rates, watch this video: Video iconConfiguring Foreign Currency Translation Rates in Tax Reporting Cloud.