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ReportHello All,
I have an issue with the P&L accounts rolling forward in our Consolidation Entity. In our consolidations, we have some entities functioning in currencies other than USD. In the below example I have considered an entity operating in GBP
The beginning balance for 2017 for the Net Income Account – 399999 had to be -36,853,198.23 USD i.e. the sum of the balances of the account 399999 and 900200 in 2016.
Transactions for account 900200 and the totals in GBP and USD are in the image below.
Instead of posting the value -36,853,198.23 USD it is totaling upto -36,953,020.55 USD, the Reporting Currency value increased by 98,822.32 i.e. from 11343776.09 to 11442550.41.
Our finance team is not sure how this happened, as till 2016, we didn’t have this problem. Can you please help by answering the following questions
1) The reason behind the system not considering the historical reporting currency value and posting the USD value by multiplying transaction currency value the average exchange rate.
2) How can we correct these transactions in the Consolidation Entity?
Thanks.
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