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Previously in our FRx reports we were able to calculate the difference between the spot rate (Daily) and the average rate at the end of the month for our Net Income and come up with a difference which we booked into our Currency Translation Adjustment Account. With Great Plains setup the way it is now and all the accounts are assigned to either the Daily Rate (BS -Spot) or the Average Rate (P&L) how do we come up with this translation other than doing it manually. This is a pain in the neck when we have both British Pounds Sterling and Canadian Dollars on a consolidated statement.
I'm sure there are other companies running into this, any suggestions?
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Hi Susan,
Did you ever come up with a solution to your question? We may be moving to MR and I can't find a way to directly calculate my P&L and Balance Sheet CTA pieces as an account can only be either Avg/Spot/Hist.
thx,
Doug
Hello Susan,
I want to clarify your request. Are you asking to evaluate the Net Income first at a spot rate, and then at an average rate and note the difference? Or, are you asking how to set up comparing a couple of rows and logging the difference to an adjustment row.
If its the latter, then you can use the Rounding Adjustment to obtain that result.
Thank you, I look forward to your response.
April
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