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Translation Issue

Received Response
edited Feb 2, 2021 12:12PM in Subledger Accounting & Accounting Hub 2 comments


Translation process is causing FX p&l



I was wondering if someone could help with the following issue we are having in relation to translation.

We report in GBP, but we also have a US Dollar entity with a US dollar ledger.

We need to book a reversing GBP journal every month. In the US dollar ledger there is no issue as it reverses at the same rate, but when we run the translation function so it translates for our consolidated accounts, it causes an FX p&l entry because the reversal translates at a different average rate than the original entry i.e. original was booked in January at the Jan average rate, reversal happens in Feb and translates at the Feb average rate.

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