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Legacy Assets Conversion in TAX Books using Historical Rates

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edited Jan 14, 2020 1:13AM in Assets 3 comments

Summary

Legacy Assets conversion in TAX Books where the Accumulated Depreciation in the Legacy system is updated manually via manual journals in Legacy system

Content

Here is the scenario:

1. Historical Assets in the Legacy system where the Asset in base currency and accumulated depreciation in the base currency are in EUR/GBP

2. Corporate Reporting for Assets happens in USD, which means the Historical Legacy Assets need to be converted in the TAX Book in USD currency

Challenge is that the Legacy Assets in USD amounts for Cost is fine, however, the Accumulated Depreciation and YTD depreciation have undergone a lot of manual adjustments(via Manual Journals etc.) in the Legacy system.

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