Enabling the Reporting Currency Feature

Notes:
  • Only available in multi-currency orgs.
  • Compatibility with customizations made by Product Services might be limited.

The Reporting Currency Feature Console page enables the Reporting Currency feature so that reporting to intermediate currencies in the company hierarchy other than Home or Dual is supported and reflected in Accounting.

Enabling Reporting Currency

To enable the Reporting Currency feature:

  1. Click the Feature Console tab.
  2. In the Features list, click Reporting Currency.
  3. For each manual feature step listed, complete the tasks required. When finished click Mark as Done.
  4. For each feature step listed, click Perform. When the step has completed, the Status changes from "NOT DONE" to "DONE".
  5. When all the feature steps have been completed, turn the slider from (off) to (on).

[Optional] Reporting Currency - Update Records Process

Normally, enabling the reporting currency feature only applies from the moment in which the feature is enabled onwards, this means that records created before the feature is enabled do not support the reporting currency fields. This process enables you to retroactively apply the reporting currency feature from the start of your current fiscal year.

Warning: This process cannot be repeated once completed and is not reversible.

To enable the Reporting Currency - Update Records feature:

  1. Ensure all the steps in the Reporting Currency feature are complete and marked as "DONE".
  2. Ensure all the following conditions are fulfilled:
    • The Reporting Currency feature is enabled in your org.
    • Ensure there is a reporting currency defined for each accounting company as needed.
    • Ensure there is an exchange rate defined for the reporting currency since the opening date of the current fiscal year. The exchange rate must be effective from either the last day of the previous year or the first day of the current year. This means, when updating the exchange rate you must specify either of these two dates as its effective date. For outstanding reporting values, this process applies the exchange rate according to the transaction date. The outstanding reporting values are calculated using exchange rates and not by aggregating reporting values of TLIs.
  3. Click the Feature Console tab.
  4. In the Features list, click Reporting Currency - Update Records.
  5. For each manual feature step listed, complete the tasks required. When finished click Mark as Done.
  6. For each feature step listed, click Perform. When the step has completed, the Status changes from "NOT DONE" to "DONE". An email is sent to you when this process is complete.
  7. On step 3 in the Feature Console, ensure you select a date that is common in the current fiscal year for all companies. This date is used by the process to determine the current fiscal year for all companies in your org. For example, if you have two companies in your org "A" and "B". Company "A" 2021 fiscal year begins in January 1, 2021 while company "B" 2021 fiscal year begins on July 1, 2021, then ensure you select a date on or after July 1 since this date is within the 2021 fiscal year for both companies.   
  8. When all the feature steps have been completed, turn the slider from (off) to (on).
 
Notes:
  • Transaction lines are updated from the start date of the fiscal year for the company that begins the earliest to the end of the fiscal year for the company that ends the last. The transaction lines are updated by the transaction date and not by periods. In the previous example, for company A the transaction lines with the transaction dates between January 1, 2021 to December 31, 2021 are updated. For company B, the transaction lines with transaction dates between July 1, 2021 to June 30, 2022 are updated.
  • Once the outstanding reporting values are updated using the exchange rates, post manual journals for all outstanding reporting values.
  • In the scenario where there are partially paid invoices and the user updates existing records after enabling the feature, it becomes necessary to unmatch the partial payments first, update the records, and then match them again. This process ensures that the outstanding values are accurately updated to reflect the changes made.