FT GL in GL’s Reporting Currency (i.e., Division’s Local Currency)
There might be scenarios wherein business might want to create an additional FT GL entry (i.e., FT GL extension record) in the GL’s reporting currency which is different from the division’s base currency. Oracle Revenue Management and Billing enables you to define local currency for a division. A new field named Local Currency is added in the Main tab of the Division screen. You must specify the local currency only when it is different from the division’s base currency. It is not a mandatory field. You can also add the division’s local currency in the Invoice Currencies tab and define its rounding method for accurate calculations. A new field named Enable Local Currency is available while defining a distribution code. It provides the ability to enable the FT GL entry creation in the local currency for the required GL account.
Now, while creating an FT GL entry for a financial transaction, the system checks whether the financial transaction’s currency is different from the division’s base currency or division’s local currency (if specified). If the financial transaction’s currency is different from the division’s base currency and if the local currency is not defined for the division or if the financial transaction’s currency is same as the division’s local currency, the system creates an additional FT GL entry (i.e., FT GL extension record) for the financial transaction in the division’s base currency. If the financial transaction’s currency is same as the division’s base currency but if the financial transaction’s currency is different from the division’s local currency, the system checks whether the Enable Local Currency option is selected in the respective distribution code. If the Enable Local Currency option is selected in the respective distribution code, the system creates an additional FT GL entry (i.e., FT GL extension record) for the financial transaction in the division’s local currency. However, if the Enable Local Currency option is not selected in the respective distribution code, the system does not create an additional FT GL entry for the financial transaction in the CI_FT_GL_EXT table.
If the financial transaction’s currency is different from the division’s base currency and division’s local currency, the system checks whether the Enable Local Currency option is selected in the respective distribution code. If the Enable Local Currency option is selected in the respective distribution code, the system creates additional FT GL entries (i.e., FT GL extension records) for the financial transaction in both the division’s base and local currencies. However, if the Enable Local Currency option is not selected in the respective distribution code, the system creates an additional FT GL entry (i.e., FT GL extension record) for the financial transaction in the division’s base currency.
However, if the financial transaction’s currency is same as the division’s base currency and if the local currency is not defined for the division or if the financial transaction’s currency is same as the division’s local currency, the system does not create an additional FT GL entry for the financial transaction in the CI_FT_GL_EXT table.
Earlier, you were able to view the financial transaction amount in the division’s base currency in the Financial Transaction screen whenever an additional FT GL entry was created for the financial transaction in the CI_FT_GL_EXT table. Now, depending on whether an additional FT GL entry is created for the financial transaction in the division’s base currency and/or division’s local currency, you can view the financial transaction amount in the division’s base currency and/or division’s local currency, respectively, in the Financial Transaction screen.
To support this feature, the following algorithm types are enhanced:
Now, these algorithm types provide the ability to create additional FT GL entries for a financial transaction in the GL’s reporting currency (i.e., division’s local currency).