Before Continuing
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If operating under multiple currencies, you can follow the common practice of using the prior month's exchange rate as your average exchange rate for the month.
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When entering exchange rates, you must select the appropriate year.
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Exchange rates need to be entered in both directions. For example, COP to USD and USD to COP. This is required if you need to translate from one currency and back again when running reports.
Admin Setup
Before running your reports, you must add the exchange rates for each currency and for each month within the date ranges of your reports by taking the steps below.
1. Go to Administration > Currency and select the appropriate year.
2. Click the Add button on the left side.
3. Select the box to Default Average rate to previous month's EOM Rate. If this box is later de-selected, it will reset and remove the previous month's EOM rate.
4. Add the exchange rates for each month and then click Save.
REMINDER: For accurate reporting, enter the currency conversion rate in both directions (e.g., CNY to USD and USD to CNY).
Functional Currency Translation
This section covers how to use Functional Currency Translation to generate reports when leases share the same functional currency but have different local currencies. For months listed after the GL End Date, Crunchafi uses the GL End Date rates for translation. Leases belonging to the same Reporting Entity will have the same functional currency.
1. Go to the My Leases page and select the lease for which you want to run the report.
2. Scroll down to the Reports section and switch to the Functional Currency Translation tab.
3. Enter the GL Start Date and GL End Date.
4. Click Export XLS next to the Amortization Schedule and Footnote Disclosure reports.
Reporting Currency Translation
This section covers how to use Reporting Currency Translation for leases that in multiple currencies and need to be translated into another currency before finally being translated into the functional currency. All local to functional exchange rates must be entered for this date range in order for this report to work. For months listed after the GL End Date, Crunchafi uses the GL End Date rates for translation.
1. Go to the My Leases page and select the lease for which you want to run the report.
2. Scroll down to the Reports section and switch to the Reporting Currency Translation tab.
3. Fill in the to Final Reporting Currency field.
4. Enter the GL Start Date and GL End Date.
5. Click Export XLS next to the Amortization Schedule and Footnote Disclosure reports.
NOTE: If you have leases under more than one accounting standard, you must choose the relevant standard for the Footnote Disclosure (displayed to the right of the field).