Dynamics Community Forum Thread Details

Multi-Currency - Consolidating to USD For Financial Reporting

Hello,

Looking for some guidance on multi-currency and translations:

For Dynamics GP 18.5, besides using MR for currency translation, what are some of the options to get a consolidated report in USD for the 2 companies we have (company 1 is in USD functional currency, company 2 is in CAD). We would like to have a CTA journal entry for Audit purposes posted in GL as part of this process, not just shown in reporting. At the same time, we also want to avoid as much manual work at month end.

Do we need to setup a 3rd company in USD for loading/translating summary per month from company 2 to report off, if so how does that process work? what does GAAP or FASB recommend?

Currently we are taking summary CAD activity from company 2, translate manually to USD in Excel at month end (BS using current rate, PL at Avg rate), record it into company 1 under Canadian division and then report only off company 1 in MR.

What are other options? like if we create a new company 3 in USD for reporting purposes (for company 2), can we leverage GP's Revaluation Routine for all accounts (instead of just Cash, AP, AR) and it can produce a reversing entry to CTA/Equity account we want for all the CAD originating activity brought into company 3 at month end, then we use company 3 in MR together with company 1 for reporting?

Any better options or suggestions?

Thanks

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Microsoft Dynamics GP

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