2nd in the Consolidation Account Series, “Currency Translation in Microsoft Dynamics GP® and Management Reporter”
The purpose of our Currency Translation in Microsoft Dynamics GP® and Management Reporter White Paper is to provide the step-by-step setup requirements for performing multicurrency consolidation in Dynamics GP and Management Reporter.
This document covers the required setup to perform multicurrency consolidation in Dynamics GP and Management Reporter. It leverages the design concepts presented in the first white paper in the Consolidation Accounting Series, Consolidation design in Microsoft Dynamics GP and Management Reporter.
This White Paper focuses on setting up both Microsoft Dynamics GP and Management Reporter to successfully perform multicurrency consolidations.
Dynamics GP Currency Translation Setup
- Functional Currency
- Create Exchange Tables and Enter Rates
- Create the Month End, Average, and Historical TRANSLATION Exchange Tables Management Reporter Translation Setup
- Multicurrency Access
- Multicurrency Setup
- Rate Types
- Translation Type for Accounts
- Entering Historical Currency Translations
Management Reporter Translation
- Create Report
- Create a column indicating the reporting currency required
- Create a report definition
- Cumulative translation adjustments under FSFAS 52 (OCI)
- Validate the Account settings
Multicurrency translation can be very complex and include the need for multiple company account structures, companies outside of Dynamics GP, minority interest, international accounting standards, and more. Having a well-thought-out multicurrency design adds significant value to any consolidation process.
This white paper is intended for Accounting and Financial users and consultants that are responsible for producing consolidated financial statements in Dynamics GP and Management Reporter.
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