Currency Translation Method

Note: This field can only be updated for Financial Entities that report to other Financial Entities.

Select one of these options:

Select None if you do not want to use the Currency Translation Method and you want your financial statement to print in domestic currency.
Select Current if you want to calculate the balance as listed in the None option and use the current exchange rate to translate and round to the corporate currency.
Select Spot if you want to use the exchange rate that was in effect at the time the transaction was posted.
Select End if you want to use the exchange rate from the end of the specified account period.
Caution:
Using End as the currency translation method for revenue and expense accounts causes the entity ledger to be out of balance.
Select Average if you want to use the same procedure as listed in the End option, but using the following formula to calculate the average exchange rate for each period:
Avg. Rate = SUM (Rate * Effective Time) / Length of Period

where Effective Time is the amount of time in seconds during which the rate was in effect during the period and Length of Period is also in seconds.

To comply with FASB52 or GAAP standards, you must set the currency translation method to Average for revenue and expense accounts and End for asset and liability accounts.