Steps: Enter Translated Beginning Balances for Financial Reporting
- Set Up Currency Translation Methods.Enable the manual entry of historic translation amounts for fiscal year beginning balances.
- Create Rules for Translating Ledger Accounts.Associate the account translation method with at least 1 balance sheet account.
You can use historic amounts to translate beginning balances by entering beginning
balance amounts for accounts in the translation currency.
- Run a year-end Balance Sheet report that displays prior-year ending balances translated from company currency to the translation currency.You can use these amounts to establish your translated beginning balances.
- Create beginning balance journals for the fiscal year of the company.
- Enter beginning balance translation amounts for each translation currency for the year after the one you rolled forward.
- Repeat the procedure to do back reporting for historic years using this historic amount approach to translating beginning balances.
You can run the translated financial reports for the company. The reports use the
translated beginning balance amounts that you've entered for each currency. When you
run the reports, select:
- The currency and fiscal year for which you've entered translated beginning balance amounts.
- A translation method rule set that contains an account translation method that uses historic translation amounts.