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[Shari Bruno]

?Good Morning once more!

We use multicurrency in several of our companies, and at the end of every month run consolidated financial reports that converts everything to USD. All of our GL accounts in the multicurrency companies use “Current” as their translation type. As a result, we have to revalue the fund balances every month to what they were at the start of our fiscal year. I will be using our test companies to reassign translation types dependent on the main account type: all P&L main accounts will use Average, all Balance sheet main accounts will use current, and all equity main accounts will use a historical table that contains just the rate from the last day of the previous fiscal year. I’m thinking that the historical rate will remove the need to revalue the fund balances every month, and the average rate will reduce the amount of the eliminations we need to post every month so that our consolidated financial reports balance. Before I adjust all of our multicurrency test companies I’m wondering if I am I looking at this correctly. How do those of you who use multicurrency handle this?  

Thanks!

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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[Windi Epperson]

Hi Shari,
You are on the right path.  Having fund accts revalue at historical should work the way you want and keep you from doing the revalue shuffle each month. 🙂
Thanks
Windi

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Windi Epperson
President/GP Senior Consultant
Advanced Integrators, Inc.
Norman OK
405-946-1774 Ext 102
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[Shari Bruno]

?Thanks ?

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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