About Currency Revaluation and Translation

Currency Revaluation and Translation can be run independently or at the same time depending on your requirements.

Note:
You should only run Translation independently if the document and home currencies are the same, for example, EUR and EUR. If you have documents in currencies other than the home currency, you should run Revaluation and Translation together.

Currency Revaluation

You might want to perform a currency revaluation (CRV) in the following situations:

  • At the end of a period, you might want to revalue your income statement to eliminate the effect of exchange rate fluctuations.
  • At the end of the financial year, you might want to revalue the company's balance sheet so that it values the assets and liabilities of the company at the exchange rates applicable on the balance sheet date.

You can revalue special periods, with some restrictions:

  • If you are revaluing income statement data, only the opening period, Period 000, can be revalued.
  • If you are revaluing balance sheet data, both Period 000 and Period 100 can be revalued.

Currency Translation

You might want to perform currency translation in the following situations:

  • At period or year end you need to consolidate and report your financial results in a presentation currency i.e. a currency that is not your home currency.
  • You are part of a Group of Companies that consolidate and report their financial results in a common presentation currency.
Note:
If the Reporting Currency feature is enabled in your org, you can perform currency translation to reporting using your selected reporting currencyClosed The currency, other than Home or Dual, that a company uses to report to a higher intermediate company within your organization's hierarchy. other than the dual currencyClosed The currency in which your corporate headquarters reports financial statements. This defaults to, and is normally the same as, the corporate currency.. For more information, see About Reporting Currency.

Currency Revaluation and Translation Process

This is the currency revaluation and translation process:

  1. Create a currency revaluation template.
  2. Create a currency revaluation criteria.
  3. Select the template.
  4. Retrieve and review the company currency combinations and transactions.
  5. Generate the currency revaluation documents.
  6. Review and post the currency revaluation documents.

Depending on your selection criteria, one or more CRV documents are generated. You can identify all the documents generated from a single revaluation process by their group name and description. See About CRV Groups for more information.

The Currency Revaluations tab displays a home page that lets you quickly create and locate your CRV documents.

See the related tasks and Currency Revaluation and Translation Example for more information about performing a currency revaluation.

Notes

 

Currency Revaluation Document Statuses

Status Description
Canceled The document has been canceled.
Canceling The document is in the process of being canceled.
Canceling Error The batch process has failed during the process of being canceled.
Complete The document has been posted. When a document is complete, you cannot edit or discard it.
Discarded

The document is no longer required. A discarded document retains its document number and header details, but its line items are deleted. The user must provide a discard reason. This is stored with the record for auditing purposes.

If you have enabled the Discard Zero Value CRVs custom setting, zero value CRVs are discarded automatically, with the reason "Auto discarded".

Discarding The document is in the process of being discarded.
Generating

The document generation process is in progress.

Generation Error The batch process has failed during the document generation phase.
In Progress The document has been generated but has not been posted.
Pending The document is pending being generated. This status can arise when a group is submitted for processing; each batch job is processed one after the other.
Posting The document is in the process of being posted.
Posting Error The batch process failed during the document posting phase.
Void The document is void because there were no transactions to revalue. You can use Clear History to delete these documents.