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General Ledger Transalation Process

The document outlines the process for translating General Ledger account balances from a ledger currency to a reporting currency, detailing steps for specifying ledger options, managing reporting currencies, creating journals, and translating balances. It includes instructions on entering necessary data and submitting processes to ensure accurate financial reporting. The final steps involve inquiring on detail balances to verify the translation results.

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syedkareem.apps2
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15 views14 pages

General Ledger Transalation Process

The document outlines the process for translating General Ledger account balances from a ledger currency to a reporting currency, detailing steps for specifying ledger options, managing reporting currencies, creating journals, and translating balances. It includes instructions on entering necessary data and submitting processes to ensure accurate financial reporting. The final steps involve inquiring on detail balances to verify the translation results.

Uploaded by

syedkareem.apps2
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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General Ledger Account Balances Translation

Author: Atef Abdelmegeed

Concept
The Translate General Ledger Account Balances process restates actual account balances
from a ledger currency to a reporting currency. Submit the process after completing all
journal activity for an accounting period and finalizing translation rates.

Specify Ledger Options

1. From Setup and Maintenance click on Specify Ledger Options.


2. Enter the Default Period End Rate Type.
3. Enter the Default Period Average Rate Type.

4. Select Cumulative Translation Adjustment Account.


5. Enter the Code Combination then click on OK.

6. Click on Save and Close.


Manage Reporting Currencies

7. From General Ledger click on Manage Reporting Currencies.

8. Click on Plus sign.


9. Enter the Name, Currency Conversion Level and the Currency of the Reporting
Currency.
10. Select the Period Average Rate Type, Period End Rate Type, Revenue and Expense
Translation Rule, and Owner’s Equity Translation Rule.
Create Journal

11. From General Accounting click on Journals.

12. From Task list click on Create Journal.


13. Enter the Journal Batch, Description, and Accounting Period in the Journal Batch
section.
14. Enter the Journal, Description, Ledger, Accounting Date, category, and currency in
the Journal section.

15. Enter the Account combination and amount in the Debit and Credit sides.
16. Click on Save, Complete, and Post.
Translate Balances

17. From General Accounting click on Journals.

18. From Task List click on Translate Balances.


19. Select the Data Access Set, Ledger, Target Currency, and Accounting Period.
20. Click on Submit.

21. From Tools click on Scheduled Processes.


22. The Status for Translate General Ledger Account Balances became Succeeded.
Inquire on Detail Balances

23. From General Accounting click on General Accounting Dashboard.

24. From Task list Click on Inquire on Detail Balances.


25. Enter the Ledger, From Accounting Period, To Accounting Period, Currency,
Currency Type, Scenario, and Segments of the Chart of Accounts.
26. Click on Search.

27. The Period Activity is 267,101.13 USD.


28. Click On the Hyperlink.
29. The journal we just created in the functional currency has been translated into
foreign currency (USD) as per our setup.

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