How to report Translated Trial Balance of a Foreign Currency Entity in a Consolidated File?
a trial balance for an entity that you are consolidating is in a foreign
currency, to report on the converted values in the Consolidation file, you need to do the following:
Procedure in the individual foreign subsidiary engagement file:
- Create and Map a Foreign Exchange Gain / Loss account
- Enter the Foreign Exchange rate (Opening / Current) for all applicable financial periods.
- Assign the new FX account created in step 1 to the Settings for Reports screen
- In the Consolidation file, Apply Foreign exchange.
In the individual file for the applicable entity, open the Working
Trial Balance and create and map (22.214.171.1240.100.000.000.000.00000.000) a
new Foreign Exchange Gain / Loss account.
Click on the Foreign Currency tab and enter the exchange rate
for the first account. If it is appropriate to apply the same rate to all
accounts, copy the first rate, highlight the entire column and paste.
Click on the Settings button in the Working Trial Balance.
For the ‘Foreign Exchange’ field, select the Foreign exchange gain/loss account.
When linking to the entity into the Consolidation File (under Engagement
| Consolidate > New), tick Apply Foreign Currency. This will convert
the trial balance at the elected exchange rate.
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