We need lo load Journals from CAD currency to USD books monthly once.I initially wanted to use conversion for loading journals,so that we will have amounts in entered and functional currency.I thought to use month end exchange rate to load journals one time.But our accounting team want to load average exchange rate of month for P&L accounts and month end exchange rate for balance sheet accounts.If i use 2 different exchange rate for journal,as it will become unbalanced journal(receivable account one exchange rate and balance sheet account one exchange rate).


What is the best way to achieve this?



Translational functionality has options to enter different exchange rate's for balance sheet and P&L accounts.



One option is to load journals in USD instead of CAD currency.Then i can use translation to convert balances to CAD.Translation has set up to enter different exchange rate's.


Another option is do conversion based on journal load date from CAD to USD and use translation to use different exchange rate's for accounts.

If you are loading historical data (either balances or journal details) then that data will automatically be coverted into the functional currency using the rate you specify. The conversion will happen.
On the other hand translation can be run by you if you have a need for foreign currency reporting.
Please take videos on the two topics are they are two differnet concepts. They are not a substitute for each other.

Hi Hassan,
Thanks for the reply.My issue is i need to use 2 different exchange rates for converting CAD journals to USD.But it will make journals out of balance.This is due to sfas 52 guide lines i need to use 2 exchange rates.We need to use only 1 ledger .Company 1 will have us journals and company 2 will have CAD journals.Is it correct approach?

I would highly advice to take the GL videos lessons end to end to have your gaps cleared.
All companies will have a balance in functional currency in one ledger. Anything else if you want then we are talking more than one ledger.
When converting journals you must supply one exchange rate at the time of data entry for all journal lines. You can use multipel journals if you wish to use different rates and place the different in an adjustment account. But this approach does not look healthy. Differnet rates are used in translation, not in conversion.

Please note that production scenarios are not supported in this forum. Only lesson related inquiries are supported. All production issues are handled under the Consulting wing. I am answering your inquiries as they are relalted to the videos. For further inquiries please refer to the video number if you dont mind so that I know which lesson is causing you trouble. Thanks.

Thanks Hassan for clarification.