3 Replies Latest reply: Dec 10, 2012 4:41 PM by user2024828 RSS

    Zambia Currency Issue - Rebasement

      The Zambian Kwacha will be re-based and it will lose 3 digits. Similarly to what happened in 2007 in Ghana where the Cedi dropped 4 zeros. How would you recommend managing this change? Should historical transactions in Local currency be re-stated to have meaningful life of a project expenditures? How should vendor and customer sub-ledger be managed? Any suggestion is welcome!
        • 1. Re: Zambia Currency Issue - Rebasement
          Abhijeet K-Oracle

          The details about re-basing currency is available in the below support document.
          Impact of Accounting Currency Changes (Redenomination, Change of Relationship to the Euro, etc.) on the Oracle e-Business Suite (Doc ID 1455549.1)

          Abhijeet K
          • 2. Re: Zambia Currency Issue - Rebasement

            You may want to create a new entity for the transaction after the rebasing. Stop reporting in old entity and make in inactive, make the new entity active after the rebasing month. Your TB information will be scaled down by 1000 and so will be your exchange rate. So there will be no difference at parent entity level.

            The other option is to re-load historical data and exchange rates in the new rate. Auditors may not like it though.
            • 3. Re: Zambia Currency Issue - Rebasement
              I would like to know, am running EBS Applications Upgrade from to 12.1.3 and Oracle Database from to 11gR2. Would creating a new operating Unit and bringing forward opening balances after dividing them by 1000 work as a way of rebasing my entire system? We would then deactivate the old operating unit and refer to it for historical only.