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Foreign Currency Translation (Desktop) ​

What it is: A feature that converts trial balance amounts from a foreign currency into the reporting currency by applying spot and average exchange rates, adding FCT columns to the Working Trial Balance.

What it's for ​

Entities that operate in or report a foreign currency need their balances translated into the presentation currency for the Annual Financial Statements. Draftworx Desktop manages this by storing the exchange rates for the current and prior years and recalculating the WTB columns automatically once the feature is toggled on.

How to do it ​

Set up the foreign currency ​

  1. On the Working Trial Balance screen, navigate to Foreign Currency Translation.
  2. Select Foreign Currency Setup.
  3. Under Settings, enter the currency symbol and description.
  4. Under Annually, enter the Spot Rate and Average Rate for the current tax year and each of the two prior years.
  5. For monthly reporting, enter Spot and Average Rates for each month separately.

Activate the translation ​

  1. Select Toggle Foreign Currency.
  2. A Foreign Currency Translation account is added to the WTB, and FCT columns showing translated amounts appear alongside the source currency columns.

Tip: Toggle Foreign Currency again to switch back to the source currency view.

Source ​

https://draftworx.helpjuice.com/desktop/draftworx-desktop-foreign-currency-translation

Walkthrough: https://scribehow.com/viewer/Draftworx_Desktop_Foreign_Currency_Translation__DX124__Ec1SHAZtR_i8S-iQTZ2JpA