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CbCR Translation Workflow Issue

in Tax Reporting (Direct Tax) 5 comments

Summary:

Table 1 giving different result in translated USD reporting compared to Book Data translated USD Reporting

Content (please ensure you mask any confidential information):

My understanding of the workflow for CbCR is that running CbCR automation populates the relevant Table 1 data points in entity currency based on automation rules against book data accounts. Then CbCR consol and translate should aggregate and translate the values. Currently, we are getting a different translated value for CNY to USD in Actual_CbCR as compared to Book data CNY to USD Actual.

For further context, we historically have only done US entity provisioning in TRCS. As a result, we have never had a need to translate book data even though we load worldwide data in Entity Currency via EDM. With the need to translate all Jurisdictional data to USD for CbCR aggregation, we now loaded rates and back converted entity currency to USD. After this process was done, our Tax Team wanted a different average rate used and we realized that BS accounts were not converting at spot rate but were using average rate. This was due

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