7Foreign Currency Processing
Option 6Generate Currency Translations
This function creates journal entries for translating foreign currency balances according to the current exchange rate. It will print a report of the adjustments as well as create the journal entries. The journal entries can be modified through the Journal Entries function on the Transaction Processing menu. The following processing steps accomplish this job.
- Step 1You can use this function to supply a Currency Translation control number prior to generating these translations.
The screen shown below allows you to enter a control number to be used when generating currency translation journal entries.
Generate Currency Translations screen
Data items for the preceding screen are described below:
- Beginning Control No
Positive number, up to 4 digits
A sequential number is supplied to identify this group of entries. This number will be reflected on journals and other reports throughout General Ledger. Although it is not necessary that this number be exactly sequential, the number itself is important as a part of your audit trail.
Press ENTER to save the information on this screen.
- Step 2This function checks to make sure that the Foreign Accounts and Foreign Balances files exist. It also checks for the existence of the Exchange Rates file.
- Step 3In preparation for performing a sort/selection process on the Foreign Balances information, this step provides sequencing of data records by Fiscal Year, Currency Code, Translation Account, and Foreign Account, with no option to change the sequence at run time. Selection of data records is provided by Fiscal Year, Currency Code, and Translation Account, with the option to enter user-specified comparisons at run time.
- Step 4This disposition type is used for all standard processing functions within General Ledger.
- Step 5According to previously specified criteria, this step actually performs the desired selection and/or sorting process.
- Step 6This step processes the information for Foreign Balances.
- Step 7In order to print the Currency Translations Report and Update, this step formats the Foreign Balances information. The following data items are shown: Foreign Account, Description, and Translation Amount. As appropriate, group headings appear whenever a change occurs in Currency Code. If requested, totals appear whenever a change occurs in Currency Code. If requested, totals appear whenever a change occurs in Translation Account or Currency Code. When totals are specified, the Total Amount is printed.
A sample output is shown below.
Expert Computing, Inc.
11/04/94 13:16 LGG Page: 1
Generate Currency Translations Report
Account Description Debits Credits
================================================================================================================================
CANADA Canadian Dollar Last Translation Date = 0.83840000 Current Rate = 0.83840000
11300020000 Land, Canadian
11300020000 Land, Canadian
11300020000 Land, Canadian
11300020000 Land, Canadian
11300020000 Land, Canadian
11300020000 Land, Canadian
2130000000 Equity Adj from Frgn Curr Tran 0.00
_______ _______
1020002000 Cash, Canadian Corporate 0.02-
1020002001 Cash, Canadian Sales Outlets
1030002000MA Accts Rec, Canadian Corp./Mfg.
1030002000WH Accts Rec, Canadian Corp/Whls 0.01
1030002001MA Accts Rec, Canadian Sales/Mfg.
1030002001WH Acct Rec, Canadian Sales/Whls
1040002000MA Retent Rec, Canadian Corp/Mfg
1040002000WH Retent Rec, Canadian Corp/Whls 0.01
1040002001MA Retent Rec, Canadian Sales/Mfg
1040002001WH Retent Rec, Canadian Sales/Whl 0.01-
1050002000 Service Charges Rec, Canadian
1060002000 Prepaid Insurance, Canadian
1061002000 Prepaids & Deposits, Canadian
1070002000MA Inventory, Canadian Corp./Mfg. 0.01
1080002000MA Work in Proc, Canada Corp/Mfg 0.01-
1090002000MA Finished Goods, Canadian
1100002000WH Resale Inventory, Canadian
1130002000 Land, Canadian
1140002000 Buildings, Canadian
1150002000MA Equipment, Canadian
1160002000 Furniture/Fixtures, Canadian
1170002000 Accum Depreciation, Canadian
2010002000 Accts Payable, Canadian Corp.
2010002001 Accts Payable, Canadian Sales
2020002000 Sales Tax Pay, Canadian Corp.
2020002001 Sales Tax Pay, Canadian Sales
2030002000 Retention Pay, Canadian Corp.
2030002001 Retention Pay, Canadian Sales
3010002001MA Sales, Canadian Manufacturing 2001064.88-
3010002001WH Sales, Canadian Wholesale 1098300.64-
4040002000 Depreciation Expense, Canadian 124326.89
4130002000 Insurance Expense-Canadian 10060.80
4170002000MA Factory Overhead, Canadian Mfg 1617486.24
3030001001 Foreign Exchange/Canadian 1347491.60
____________ _____________
3099365.56 3099365.56-