FOREIGN CURRENCY TRANSLATION

Foreign Currency Translation reads transactions from a source company, applies a translation factor to each transaction, and writes transactions to a target company.

Translation rules determine how you translate different activities, but generally, the translation should reflect the rate in effect on the day of the event; however, many times the “event” occurs over many days. Plus & Minus, as a transaction-based system, can accommodate multiple translations for the same event.

Current and Forward Commitments

Each “day/row” of the translation table stores an exchange rate for current and forward commitments as follows:

  • Current
  • 30 days
  • 90 days
  • 180 days

Day zero holds rates for opening entry (Journal 00) transactions, while Day “99” holds average or month-end rates.

You can translate each gen account using current or forward commitments. For example:

  • Accounts Receivable may have a 60-day forward commitment
  • Accounts Payable has a 30-day forward commitment
  • The remaining gen accounts translate using current rates

Translation recognized gains or losses write to the “Translation Gain or Loss” account, and you can use Currency Rates or Equivalent Rates (reciprocals).

Translation Ranges

You can translate any range of days, with most users translating monthly sets of data used for financial presentation purposes. Plus & Minus supports an export option for exporting to other systems.

Sample Company Presets:

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