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FX on Additional Reporting Currency

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Posted on by paul.asaro@equiteq.com

The local currency ties between our ledger and the audit... however when using the add'l reporting currency, it does not. Obviously this is because of the FX rate used.

How can I change prior years, say 2019, the whole year's FX rate to match what the auditors used so our numbers tie?

I have in the past "re-calculated" the add'l reporting currency by removing it completely, changing the FX rate, then adding the addl reporting currency back in. But i can't imagine this is the correct way.

Thanks

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paul.asaro@equiteq.com 30 on at

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RE: FX on Additional Reporting Currency

Thanks Alessandro.

So what i said was correct?

Is there a way to conform to US GAAP where the balance sheet accounts are calculated using one rate (year end rate) while the balance sheet is calculated using the average rate for the year?

Puoi rispondere in italiano se e` piu facile...

Thanks!

Paul
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Alessandro Vannini 1 on at

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RE: FX on Additional Reporting Currency

Hello Paul

the ACY currency is calculate base on the exch. rate you have in the currency table, so it change base on the change of the rate

If you would like to adjust the rate you did the correct operation, so remove and re-add it will fix the problem using the selected rate for all entries

Please still consider that the ACY amount will change base on the rate you have during the year, you can decide if it is possible to have only one rate (no adjustment for the specific currency)

Hope this help
paul.asaro@equiteq.com 30 on at

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RE: FX on Additional Reporting Currency

Anyone?