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Among the best times to seek out improvements in your financial management program is during an upgrade. A good place for companies that are global to start is the way the application is handling translations for multiple local currencies. Recent experience has shown me that businesses can realize immediate benefits by choosing a second look at money translations and how they can be set up. Hyperion Financial Management, for example, does a great job with out-of-the-box functionality to perform money translations. Generally, the balance sheet is translated at the end-of-month rate and the income statement using the average rate. Set up is easyassign a money to your entities, enter the rates, and the system does the translating. What happens when you run into translation requirements which are outside of the capacities of the out-of-the-box functionality? In the balance sheet, accounts mostly for example. The task in these accounts is consistently translated on the date of the trade at the spot rate.

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The amount that was interpreted is subsequently added to the beginning balance that was translated to get the new interpreted finishing balance. If anyhence this sort of action is one which is handled differently these accounts typically have small activitymaybe a few transactions per year. Within my experience, there are two strategies available to manage this sort of translation: 1.Historical rates 2.Dollar overrides Historical rates require that you add rules in order that the historic rate accounts will be used by target accounts during translation and set up additional rate accounts. A blended rate is computed for every point that the translation needs to occur. The blended rate will have to be updated for any transactions that occur. Dollar overrides demand that you create an account for each one which will demand translation at a rate other than the end-of-month rate. Instead of entering a rate the actual amount in dollars is input. You must add the sum which is translated using the default translation rates to be overridden by rules. Which system is better?

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Tough to say. Yet, given the fights Ive witnessed customers experience when it comes to updating the blended rates every time an entity hierarchy changes, a brand new transaction happens, or if you want to compel a translation into dollars at a fresh point on the hierarchy, my vote remains with the dollar overrides. Why: If the hierarchy changes, the dollar override accounts still have the proper sums which will aggregate and be available wherever the translation is done. The process can be built by you to ensure that overrides that are new can be added with just a metadata changeno changes to the rules needed. And you can set overrides up just and so the override amount will roll from period to period mechanically be updated when a transaction occurs. Id love to hear any thoughts although dollar overrides are voted for by me /experience with including what strategy others consider to be best practice in dollar overrides or fiscal managementhistorical rates either choice? п»ї