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Currency

The system uses the local currency level to calculate all entries.
  • Unit level reports appear in local or reporting currency by selecting the appropriate currency in Reporting.
  • The system converts the entries to reporting currency by using the appropriate Foreign Exchange Rates.
  • Consolidated and sub-consolidated level reports appear in local or reporting currency as long as all the units have the same assigned ISO Currency Codes.
  • The system automatically computes a currency translation adjustment by using the foreign exchange rates entered in the unit. The currency translation adjustment appears in the appropriate reports.

Currency Types

  • Functional Currency
    : Primary Currency in which the books of record are maintained. The currency in which an entity does business.
  • Local Currency
    : Currency of the country where the business is physically located.
  • Reporting Currency
    : Currency in which the entity reports financial statements. Reporting currency symbol options are US Dollar, Euro, and Japanese Yen. The default is US Dollar. It can be modified with a System Parameters.
  • Hyper inflationary Environment
    : When the cumulative rate of inflation exceeds 100% over the three year period, then FAS 52 requires USD to be the functional currency. The unit’s local currency should be set to USD.

Currency Options

  • Currency Codes
    : There are pre-populated Currency Codes that can be expanded, as necessary, in the Manage Countries & Currencies screen.
  • Thousands Separators
    : The system defaults to a comma (1,000.00) for the thousands separator. The comma can be changed to a period (1.000,00) with a System Parameters.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision