Set up financial consolidation runs more efficiently

Enabled for	Public preview	General availability
Users, automatically	Mar 1, 2024	Apr 2, 2024

Business value

When you run consolidation for business units that use a foreign currency, you need to pay special attention to the exchange rates that different parts of the process use. You need to pay even more attention to these exchange rates when you redo consolidation. To manage exchange rates, use the Set Up Business Unit Currencies page. This feature helps you streamline your consolidation processes and improve your productivity.

Feature details

When you run a consolidation, the Set Up Business Unit Currencies page shows the last rates for average, closing, and last closing rate. You can also look up exchange rates in the currency exchange rate table, which makes it easier to validate rates. To change the rates for the current run, enter new values or select Select from previous consolidation to copy values from previous runs.

This page is especially useful when you rerun a previous consolidation and need to use the closing rate for the consolidation run before the earliest run. This rate is necessary to correctly revalue your balance sheet items. Use the Select from previous consolidation register to find the last run to copy values from. You can also look up rates to use when you troubleshoot. The page filters runs to show only those that include the selected business unit.

The Run Consolidation batch job with the new parameters is available on the Business Units list page. Select Exchange Rates to open the Set Up Business Unit Currencies page.

Note

We deprecate the Exchange Rate setup pages for average, closing, and last closing rate that are currently on the Business Unit card. However, you can still maintain these rates if you have business units that you import through files.

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Additional resources

Set up company consolidation (docs)