Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2024-12-13
Set Up Currency Translation Methods in AP&C

Set Up Currency Translation Methods in AP&C

Set up currency rate types. See Maintain Currency Rate Types.
You can create methods for translating company currencies into translation currencies during financial reporting in Adaptive Planning and Consolidation (AP&C).
To reflect your typical accounting standards, use one of these user-defined translation types to reflect your typical accounting standards:
  • Average
    : Typically used with income statement accounts. Translates activity at the designated average rate as of the end date of the period in which the activity occurred.
    Example: Translates revenue for January at the average as of the end of January. Similarly, translates revenue for February at the average as of the end of February.
  • Current
    : Typically used with balance sheet accounts.
  • Historic
    : Translates beginning balance for balance sheet accounts.
  1. Access the
    Create Account Translation Method
     task.
  2. As you complete the task, consider:
    Option Description
    Translation Type
    Select:
    • Average
       to translate income statement activity at the designated average rate as of the end date of the period in which the activity occurred.
    • Current
       to translate balance sheet accounts, such as beginning balance, activity, and ending balance at the current rate as of the last day of the reporting period.
    • Historic
       to translate beginning balances for balance sheet accounts using:
      • A blended rate.
      • An entered translated amount to translate activity at the current rate on the date of the transaction.
        This type translates activity for income statement accounts using the current rate on the transaction date.
    • Custom
       when the other translation types don't meet your needs.
  3. As you complete the
    Fiscal Year Beginning Balance
     section, consider:
    Option Description
    Use Historic Translation Amounts
    For:
    Historic or Custom translations, select this check box to use the historic amount approach to beginning balance currency translations. With this approach, define 1 translation method. All accounts for which you translate beginning balance amounts will share it. You don't need to create a different method for each account.
    This translation method uses the beginning balance amounts that you enter on the
    Maintain Beginning Balance Translation Amounts
     task.
    Currency Rate Type
    For:
    • Average translations, select nothing.
    • Current translations, select the same value for both the beginning balance and activity. Workday sets it to equal the rate type for the activity.
    • Historic translations, select to determine which currency rates to use in the calculation when using a historic blended rate approach to currency translation. With this approach, you create a different account translation method and rate type for each account that you want to translate.
    • Custom translations, select any rate type.
    Currency Rate As Of Date
    For:
    • Average translations, select nothing.
    • Current translations, select the date at the end of the report period.
    • Historic translations, the date is preset to year begin date. Used with a historic blended rate approach to currency translation.
    • Custom translations, select the report end date or begin date of the year.
  4. As you complete the
    Fiscal Year Activity
    section, consider:
    Option Description
    Currency Rate Type
    For:
    • Average and Custom translations, select any type.
    • Current and Historic translations: typically select the current or daily rate.
    Currency Rate As Of Date
    For:
    • Average translations, select the end date of the transaction period for each period you’re reporting.
    • Current translations, select the date at the end of the report period.
    • Historic translations, the date Workday presets to the transaction date.
    • Custom translations, select the report end date, transaction date, transaction period end date, or year begin date.
Workday uses the currency rate in effect as of the date specified in the
Currency Rate As of Date
 field.
If there's no current rate at the end of the period, Workday uses the most recent rate before that date.
Use this account translation method as part of a translation rule set.