I have CDN parent company USD sub company. I am setting up a trial balance (initially Income Statement and Balance Sheet to following).
I have USD balance sheet account in the sub with credit balance $100 at the end of last year. The balance at the end of August is $0.
Being a balance sheet account I have to pick YTD in the column set up to get the ending balance. I want to do currency translation and the CAD is picking up the net change for the period of Jan to August. which is Debit $100.
Do I have to enter an opening currency translation for all my balance sheet accounts so that the currency translation will go to zero?
thanks!
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Hi Ian,
I would review the document below for steps on setting up currency translation in GP for MR.
2575539 Consolidated Currency Translation with Management Reporter
mbs.microsoft.com/.../KBDisplay.aspx
If you want to convert the beginning balance you can do that in GP under Tools | Routines | Financial | Currency Translation.
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