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All entries made in the software are considered to be at a Functional currency level:
| • | Unit level reports can display in either Functional or Reporting currency by changing the currency. Consolidated and Sub-Consolidated level reports can display in either Functional or Reporting currency only when all units have the same assigned currency code. |
| • | A currency translation adjustment is automatically computed, based on the foreign exchange rates for the unit, and displays on 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. The ReportingCurrencySymbol system parameter with a paramvalue of any three-letter currency symbol changes the currency that displays in the header of reports viewed in Reporting Currency. |
| • | Hyperinflationary Environment: When the cumulative rate of inflation exceeds 100% over the three year period, FAS 52 requires USD to be the functional currency. A 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 Currency section. |
| • | Thousands Separators: The system defaults to a comma (1,000.00) for the thousands separators. This can be changed to a period (1.000,00) with a system parameter. |
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