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TRCS Entity to Reporting Currency Translation Methodology best Practice

in Tax Reporting (Direct Tax) 3 comments

Summary:

Looking for input on suggested best practice for frequency and methodology of Entity Currency to Reporting Currency translation

Content (please ensure you mask any confidential information):

Let me preface this by saying that we currently load YTD data to TRCS on the quarters directly from FCCS via data management. This aligns with recent comment from @Denitza Krasteva-Oracle "Book accounts need to be imported from the source system every provision cycle as YTD values." Our Tax Provision cycle is quarterly. Our current IS methodology is to set Period mapping for Jan, Feb, Mar to P3. We import data by month to data management and then Accumulate Jan-Mar data on the export to get YTD into the P3 period. All data is loaded in functional / entity currency only. Currently, no translation is run inside TRCS as we have only done Tax provisioning for US entities up to this point in time.

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