Store Data in Functional Currency to Mitigate Rounding Issues
RevPro currently only stores data in entered currency; functional currency amounts are displayed on screen and calculated for that display only. It would be great if RevPro would store data in functional currency in order to remediate rounding discrepancies seen in functional currency. Not doing causes several reconciliation issues, including the following:
- Lines within the accounting detail of a single Revenue transaction may not zero out at the end of a contract because of rounding issues (i.e. the Contract Liability and Unbilled account balances related to that transaction may not clear once the revenue contract has ended).
- RevPro reports in functional currency may not tie to one another due to how functional currency is being calculated. For example, the Accounting Detail functional currency columns do not tie to the monthly waterfall in functional currency.
- Totals in a single report may not tie to the other columns in that same report. For example, if you sum up the revenue waterfall in functional currency by each month, it does not tie to the total column in that same report.
At the least, there should be a catch up at the end of any revenue contract to fix any rounding issues caused by the way RevPro calculates functional currency, otherwise all companies who post from RevPro to their GL in functional currency will have account balances that may never clear (or will clear beyond what was originally put into account) – all due to rounding. This is a frustrating issue that will likely affect every company that does business in more than one currency.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.