E1: 11: Overview of Detailed Currency Restatement Method (R11411)
(Doc ID 664750.1)
Last updated on APRIL 04, 2024
Applies to:
JD Edwards EnterpriseOne General Ledger - Version XE and later Information in this document applies to any platform.
Purpose
Overview
Detailed Currency Restatement enables you to maintain an additional set of account books in an alternate stable currency with a different ledger type (XA) for reporting purposes. The currency on the XA is typically a currency that does not fluctuate as compared to the company's original currency. For example, by restating transactions from Colombian pesos (COP) to U.S. dollars (USD), a Colombian company can generate meaningful comparisons of current to historical amounts by using the more stable U.S. dollar.
Detailed currency restatement is typically used for following reasons:
A company operating in a highly inflationary currency has to maintain a second set of books in an alternate currency for financial analysis and reporting.
A company has to report final results at the transaction level in both the local currency and the currency of the parent company.
A company has to maintain dual reporting for certain classes of general ledger accounts, such as fixed assets, inventory, and equity accounts, to meet accounting standards.
Scope
This document is intended for Finance Functional users who will be involved in the multi currency processing in the General Accounting system.
Details
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