TRANSLATION in General Ledger

By Jag - August 25, 2012
Translation is the process of translating account balances from your functional currency to another currency. This process translates balances only, it does not translate individual transactions.
You can translate your actual and budget account balances from your functional currency to another currency. If you want to report financial results in Euro you can use General Ledger's translation feature to translate your account balances from your functional currency to Euro.
Run translation after you have completed all journal activity for an accounting period. If you post additional journal entries or change your translation rates after running translation for a period, you must retranslate.
You cannot run Translation in your first period. You must define a period prior to the first period you want to translate. You must also have a period defined following the period you want to translate. You must define Period rates and Historical rates before you run Translation. The first period that you translate for the very first time will be the earliest period that you can ever go back to retranslate. To run translation prior to the first period ever you will have to purge translate balances. After purging translated balances, you can go back and retranslate. If you have purged several periods, you must go back to the earliest period and retranslate every period consecutively. This is because you are typically using different rates to translate each period, and GL_BALANCES is being updated for each period's translated balances. The Cumulative Translation Adjustment account is a running total of the translation differences.
Prerequisites
ü Define a period in your calendar that precedes the first period you want to translate.
ü Define a period in your calendar following the period you want to translate.
ü Enter period and historical rates for your target currency.
üIf you are translating budgets, define your source and target budgets.
STEPS TO RUN TRANSLATION –
Responsibility: General Ledger Super user
Navigation: Currency/Translation
1.Navigate to the Translate Balances window. General Ledger displays the Functional Currency for your set of books as the currency you are translating.
2.Select Actual for the Balance Type to translate.
3.Enter the Target Currency to which you want to translate. You can choose any enabled currency other than your functional currency.
4.Enter the Period of the balances you want to translate.
Attention: The Period you enter the first time you translate actual balances will
be the earliest period for which you can translate actual balances for any
subsequent translations.
6.Choose the Translate button to begin a concurrent process to translate account balances. General Ledger displays the request ID (Req ID).
PURGING TRANSLATED BALANCES –
Responsibility: General Ledger Super user
Navigation: Setup/System/Purge
1. Select the 'Translated Balances' tab.
2. Select the currency.
3. Select the period.
4. Click Purge button.
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