Maintaining Currencies

The Currency dimension contains all currency symbols required to store translation rates, in addition to all functional and reporting currency values.

Currencies in Longview Tax use the International Organization for Standardization (ISO) naming convention. Translated currencies are a combination of the target currency and the source currency. For example, the currency symbol for translated Swiss Francs from Euro is CHFEUR. Total Swiss Francs are found in TCHF, which is a combination of CHF and all currencies translated to Swiss Francs.

Note: Currency translation applies only to Tax Provision.

This dimension also contains the translation rate symbols. The naming convention is similar except that the symbol name is prefixed with a “T”. For example, the translation rate for Swiss Francs from Euro is TCHFEUR.

You can use the Entities editor to specify a functional currency to use for an entity.

Understanding root symbols in the Currency dimension

The following table lists root symbols in the Currency dimension:

Understanding currency types

Currencies that are included in your Longview Tax system can be either functional currencies or reporting currencies.

Functional Currencies

A functional currency is the main operating currency of an entity. For example, an entity based in the United Kingdom most likely has a functional currency of UK Pound (GBP). Your Longview Tax system contains all functional currencies of your organization’s various entities.

You can view all functional currencies in your system on the Functional Currencies page of the Currencies editor. For more information, see Viewing currencies.

Reporting currencies

A reporting currency is used to report consolidated financial information for all currencies that your company uses.

If a currency is specified as a reporting currency, the following symbols are automatically created:

• A parent symbol for the reporting currency (T<reporting currency name>). 
• A leaf functional currency symbol (<reporting currency name>).
• Translation currency leaf symbols for all other functional and reporting currencies in your Longview Tax system (<reporting currency name><source currency name>). 

You can view the above symbols on the Functional and Reporting Currencies page of the Currencies editor. For more information, see Viewing currencies.

• Translation rate symbols for all other functional and reporting currencies in your Longview Tax system (T<reporting currency name><source currency name>).

You can view the above symbols on the Foreign Exchange Translation Rates page of the Currencies editor. For more information, see Viewing currencies.

For example, if you specify functional currencies CAD (Canadian Dollar) and USD (US Dollar), and the reporting currency EUR (Euro), the following symbols are automatically created:

Working with currencies

You can use the Currencies editor to manage the currencies in your Longview Tax system. The currencies that appear in the Currencies editor are preconfigured for you to include in your system and can be modified if necessary.

Currencies tasks include:

• Viewing currencies
• Including a currency
• Modifying an existing currency
• Adding a currency
• Exporting currencies to Microsoft Excel

Viewing currencies

You can use the Currencies editor to view all currency and translated currency symbols in your Longview Tax system, in addition to all other currencies that are available to be included in your system. The World Currencies page displays all currencies in or available to be included in your Longview Tax system.

To view currency symbols:

1. Do one of the following:
   • In the Tax Provision navigation pane, click Administration, and then expand Foreign Exchange. 
   • In the Task Management navigation pane, click Administration. 
2. Click Currencies. The Currencies editor opens with the World Currencies page in view.
3. Do one of the following:
   • To view all functional currency symbols and all reporting currency parent symbols and their children, click the Functional and Reporting Currencies tab.
   • To view all functional currency symbols only, click the Functional Currencies tab.
   • To view all translation rate symbols, click the Foreign Exchange Translation Rates tab.

Including a currency

You can use the Currencies editor to include an available world currency in your Longview Tax system. Included currencies appear in the Currency dimension symbol hierarchy and can be modified. For more information, see Modifying an Existing Currency.

You can also add other currencies to the world currencies list if you require them. For more information, see Adding a Currency.

To include a currency:

1. In the Tax Provision or Task Management navigation pane, click Administration, and then expand Foreign Exchange.
2. Click Currencies. The Currencies editor opens with the World Currencies page in view.
3. In the world currencies list, select Include for the currency that you want to include in your system.

4. Complete the following fields:

   1. Functional/Reporting: Specify the currency type for the currency. You can select one of the following options:

      • Functional — A functional currency is the main operating currency of an entity. For more information, see Functional Currencies.

      • Reporting — A reporting currency is used to report on consolidated financial information for all currencies that your company uses. For more information, see Reporting Currencies.

   2. Currency Sign: This field is optional. Specify the currency sign to use for the included currency. For example, $. The Currency Sign field is populated by default for certain currencies.

   Note: The Sort Order field is populated by default when you select Include. Sort Order specifies a numeric value from 1 and up representing the order of the currency with respect to its parent. Currencies with a Sort Order of 0 appear at the bottom of the list. To modify the Sort Order or the description of the currency, complete the steps in Modifying an Existing Currency.

   Caution: Ensure your settings are correct. If you click Save in the next step, you cannot clear Include or change a Reporting currency to a Functional currency.

5. When you are finished, click Save.

Modifying an existing currency

You can use the Currencies editor to modify the settings for currencies that are included in your Longview Tax system.

To modify currency settings:

1. In the Tax Provision or Task Management navigation pane, click Administration, and then expand Foreign Exchange. 
2. Click Currencies. The Currencies editor opens with the World Currencies page in view.
3. Select the currency that you want to modify and click Properties. 

   Note: The Properties button is available only if Include is selected. For more information, see Including a currency.

4. Modify the following fields, as necessary:

   1. Description: Type a new description for the currency as required. Currency descriptions can contain up to 61 characters.

   2. Sort Order: Specify a numeric value from 1 and up representing the order of the symbol with respect to its parent. By default, the sort order for added symbols is 10 higher than the last child of the same parent symbol.If you specify a value of 0, the symbol appears at the bottom of the list.

   3. Functional/Reporting: Specify the currency type for the currency, as required. Select one of the following options:

      • Functional — A functional currency is the main operating currency of an entity. For more information, see Functional Currencies.

      • Reporting — A reporting currency is used to report on consolidated financial information for all currencies that your company uses. For more information, see Reporting Currencies.

      Note: A currency type cannot be changed from Reporting to Functional since existing reporting currencies are also available as functional currencies. 

   4. Currency Sign: Specify a new currency sign to use for the currency.

5. Click OK.

   Caution: Ensure that your settings are correct. If you click Save in the next step, you cannot change a Reporting currency back to a Functional currency.

6. When you are finished, click Save.

Adding a currency

You can use the Currencies editor to add a currency to your Longview Tax system. You only need to add a currency if you require a currency that is not in the list of world currencies that are available to be included.

For more information, see Including a currency.

Longview recommends that you use the three character code for the currency that conforms to ISO code conventions.

For information on ISO codes, see the following web page: http://en.wikipedia.org/wiki/ISO_4217

To add a currency:

1. In the Tax Provision or Task Management navigation pane, click Administration, and then expand Foreign Exchange.
2. Click Currencies. The Currencies editor opens with the World Currencies page in view.
3. Click Currency. A new row appears at the bottom of the currencies list.
4. Complete the following fields: 

   1. Name: Type a name for the currency. The name can contain a maximum of 15 alpha-numeric characters, can contain, but not start with, periods ( . ) and underscores ( _ ), and can be entirely numeric. The name must be unique in your system.

      Note: Longview recommends that you use the three character ISO code for the currency name.

   2. Description: Type a description for the currency. Currency descriptions can contain up to 61 characters.

   3. Include: This option specifies that the currency is included in your Longview Tax system and appears in the Currency dimension symbol hierarchy. This option is automatically selected for added currencies and cannot be cleared.

   4. Sort Order: Specify a numeric value from 1 and up representing the order of the currency with respect to its parent. If you specify a value of 0, the currency appears at the bottom of the list.

   5. Functional/Reporting: Specify the currency type for the currency, as required.:

      • Functional — A functional currency is the main operating currency of an entity. For more information, see Functional Currencies.
      • Reporting — A reporting currency is used to report on consolidated financial information for all currencies that your company uses. For more information, see Reporting Currencies.

   6. Currency Sign: This field is optional. Specify the currency sign to use for the currency. For example, $.

5. Click OK.

   Caution: Ensure that your settings are correct. If you click Save in the next step, you cannot remove an added currency or change a Reporting currency to a Functional currency. If you do not want to keep an added currency, click Refresh and do not save your changes.

6. When you are finished, click Save.

Exporting currencies to Microsoft Excel

You can use the Currencies editor to export currency information from all tabs in the editor to Microsoft Excel.

To export currency information to Microsoft Excel:

1. Do one of the following: 
   • In the Tax Provision navigation pane, click Administration, and then expand Foreign Exchange. 
   • In the Task Management navigation pane, click Administration. 
2. Click Currencies. The Currencies editor opens with the World Currencies page in view.
3. Click Export to Excel. A dialog opens.
4. Select one of the following:
   • To export all currency symbols fully expanded, click Expanded View. 
   • To export only the currency symbols visible in the current hierarchy expansion state for each tab, click Current View. 
5. The Save As dialog opens. Navigate to the location where you want the file to be saved.
6. Type a name for the export file.
7. Click Save. The file opens in Microsoft Excel.