In this tutorial, we’ll show you how to perform foreign currency translation in Oracle Tax Reporting Cloud. Each entity in a multi-currency application is assigned a local or base currency. Local currency data for the entity is loaded to the Entity Currency member of the currency dimension. During consolidation, if the child’s base currency is different from the parent’s base currency, the values in the Entity Currency member of the child are translated to the parent’s currency using the current period exchange rates. The translated values are stored in the child’s Parent Currency member. It’s the values in the Parent Currency member that are consolidated to the parent. For more information on configuring the exchange rates used in translation, see the Help Center video titled Configuring Foreign Currency Translation Rates in Oracle Tax Reporting Cloud. For reporting purposes, you may want to translate an entity’s data to a currency other than the parent currency. You can translate to any currency identified as a reporting currency in the Currency dimension. A best practice is to configure all currencies required for external financial reporting as reporting currencies. Let’s open a data form and see how to perform translations. I can see in the point of view that the local currency for the Vision Canada entity is Canadian Dollars and its parent’s currency is US Dollars, so translation is needed. The point of view is set to Entity Currency, which displays the local currency values. I can select Parent Currency in the point of view to view translated values. The Parent Currency member currently has no data, so I need to run the Consolidation process in order to translate. After the consolidation process is complete, the translated values display. Note that when you consolidate a parent entity, translation is run for all of its children as well. For reporting purposes, I can translate values to any currency identified as a reporting currency in the Currency dimension. I want to see the Vision Canada values in Euros, so I’ll select it from the Reporting Currencies list. To translate to a reporting currency, select the Translate option. The Entity Currency values are translated to Euro using the current period rates. In this tutorial, we showed you how to perform foreign currency translation in Oracle Tax Reporting Cloud. To learn more, visit cloud.oracle.com.