Setting Up Target Currencies (Financial Consolidation)
Return to Financial Consolidation Model Overview.
Target currencies are base elements in the Target Currency
dimension. Valid currencies must be represented by a code consisting of three capital letters, as defined by ISO 4217. All source currencies must be children of the total element All Target Currencies
.
In addition to each target currency, several elements in the Currency
dimension are required:
- For each combination of source currency (e.g.
USD
) and target currency (e.g.EUR
), a conversion element must exist. The naming convention for the conversion element is the source currency code followed by the sequence “blank – greater sign – blank” and the target currency code (e.g.USD > EUR
). - For the trivial conversion, where source and target currencies are identical, no conversion element is needed.
- For the conversion of local currency to each target currency, another conversion element (e.g.
LC > EUR
) must exist. - For each target currency, a total of all conversion elements must exist. The naming convention for this total is the sequence “greater sign – blank” and the target currency code (e.g.
> USD
). Children of this element are:- the non-currency element (
XXX
) - the source currency element to the target currency (e.g.
USD
) - the conversion element of the local currency (e.g.
LC > EUR
) - all conversion elements from any source currency (e.g.
USD > EUR
) - the source currency element to the target historic currency (e.g.
USD_Historic
)
- the non-currency element (
Note: after changing the target currencies, the rule templates handling the currency conversion in the fact cubes need to be updated.
Updated July 8, 2024