Learn about Redwood and be one of the first to join the conversation

Visit Redwood Community
Translation Issue — Cloud Customer Connect
You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Translation Issue

Received Response
23
Views
2
Comments
edited Feb 2, 2021 12:12PM in Subledger Accounting & Accounting Hub 2 comments

Summary

Translation process is causing FX p&l

Content

Hello,

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.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!