I wish to use Management Reporter (MR) to consolidate the US and Canadian companies to speed up our month-end reporting, have drill down capability into transactions directly to the company GLs, and better reporting capability.
We currently use the consolidation module. This slows our month-end down considerably because we need to complete several iterations of the consolidation given that some of our entries are dependent upon visibility into consolidated results (eg bonus calculations and income tax). This means we need to consolidate, determine entries, book them, de-consolidate, re-consolidate, book more entries, de-consolidate, etc. If we used MR we would only need to book the entry and run the report, which would take minutes. The other process takes hours.
My reporting currency (RC) is $C. I would use the core FX revaluation functionality in the GL to "translate" the US companies into $C - BS at spot, monthly IS at avg rate for most accounts, transaction date for some IS accounts. The translation adjustments for the US companies would need to be recorded in the OCI/CTA BS account. I would need to set every main account (except equity accounts) for FX revaluation.
For the Canadian companies, I would only "translate" the balance sheet accounts denominated in foreign currency (eg a US$ bank account) and the translation adjustments would continue to be recorded in the IS FX gain/loss account. Only certain BS main accounts would be set for FX revaluation.
This also means that I need to have two configurations for the FX adjustments - one that goes to the BS (OCI/CTA) for RC for the US companies, one that goes to the IS for Canadian companies. My consultants tell me that I can only have one configuration per COA.
In addition, we also wish to restrict all transactions in the US companies to USD for easier accounting/cash management. This is not possible if we share one COA between Canadian and US companies as we cannot restrict the same main account to a currency in the US but not Canada.
