When utilizing a secondary FA ledger to report assets in a different currency, assets DO NOT convert into the tax book utilizing the SAME currency exchange rate on either the AP invoice or with PA transactions. If I enter an AP invoice today with a date of 7/1 and then run the Mass Additions Create of a GL Date of 16-JUL-2020, the default DPIS on the Mass Add in the corp book will be 16-Jul-2020. When I copy to the tax book (secondary FA ledger), the DPIS date is used to get the currency conversion rate and of course that DOES NOT equal in the AP invoice
conversion rate. The result here is you have a mismatch between what goes in the asset clearing account dollar-wise from AP and what will be journalized out of the clearing account from the Secondary currency FA tax book (we are sending all FA txns to a secondary GL ledger). Has anyone been able to figure how to get FA to use the currency conversion rate as contained in the AP invoice? Also, what about transactions coming from PA. The same issue exists here.
I have seen documents saying that both ledgers (GL primary and secondary) need to be MRCed (having an additional reporting currency). This did not work.
Another article says to create two primary GL ledgers, one with MRC the other not. Tie your corp asset book to the ledger without MRC and your tax book to the ledger with MRC (reporting Curr). Of course you tie your tax and corp books together. This doesn't work either. Yet another article says that if the Corp book and the tax book have reporting ledgers, then FA will pick up the conversion rate from the CORP book. I tried that too. No success.
Has anyone had any success? This has to work, otherwise having a secondary currency FA tax ledger is worthless as the conversion rates between AP FA invoices and PA items coming to FA will NEVER match conversion rates used in the tax book due to FA using the DPIS when you copy to the tax book and of course the DPIS likely does NOT match the conversion date used in AP or PA.
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Donna DuBois
Business Systems Analyst
ViaSat
Carlsbad CA
(760) 893-1911
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