Steps: Preserve Historical Data When Updating Account Translation Rule Sets

Create Rules for Translating Ledger Accounts

Security: Set Up: Currency Translation
domain in the Financial Accounting functional area.

In certain situations, you might want to change the account translation method assigned to balance sheet accounts on your account translation rule set. Example: To prevent eliminations being out of balance, you update your account translation rule set so that intercompany elimination pairs have the same account translation method.

Since Workday doesn’t apply effective dating on account translation rule sets, changing the rule set also changes historical data. To preserve historical data when you update account translation rule sets, we recommend that you:

Rename your existing account translation rule set to indicate its effective-until date.

Create a new account translation rule set that duplicates the existing one.

Change the account translation method assignments in the new rule set.

Select the appropriate rule set when you run financial reports for prior years or current and future years.

Access the

Edit Account Translation Rule Set

task.

Select your existing account translation rule set.

Change the name to specify an effective-until date for this rule set. Example: Standard (effective until 31 December 2025)
.

Note the rule set configuration so you can copy the details to a new rule set.

Access the

Create Account Translation Rule Set

task.

Create a new rule set and give it the name that your existing rule set had before you changed it. Example: Standard
.

Duplicate the configuration from the original rule set. Change the account translation method assignments as required.

At year end, roll forward year-end balances using the new account translation rule set.

When you run financial reports, use the:

Original rule set for prior years.

New rule set for the current year and future years.

When you run reports that compare the current year to the prior year, use the new account translation rule set in the current year column and the original rule set in the prior year column.