Working with FCCS, one of the account properties is Exchange Rate Type. There are multiple choices as shown here from the Simplified Dimension Editor.
Looking at the choices, you might be tempted, as I was, to use Average for income statement accounts and Ending for balance sheet accounts. After all, the two account types usually do currency translation at the respective exchange rates. Or, you may be thinking Average for the balance sheet accounts since the Time Balance property should be Flow (not Balance - and yes, it should be Flow, not Balance) because of the movement dimension information.
But, as it turns out, the correct answer (with one exception) is No Rate. Not exactly sure why, but apparently FCCS already knows what to do.
The exception is if a balance sheet account needs a historical translation. Those three are okay to use. If an override is used, either rate or amount, then pick the appropriate choice. If an account is historical but does not contain an override (the help uses the example of Retained Earnings) then select Historical.
Looking at the choices, you might be tempted, as I was, to use Average for income statement accounts and Ending for balance sheet accounts. After all, the two account types usually do currency translation at the respective exchange rates. Or, you may be thinking Average for the balance sheet accounts since the Time Balance property should be Flow (not Balance - and yes, it should be Flow, not Balance) because of the movement dimension information.
But, as it turns out, the correct answer (with one exception) is No Rate. Not exactly sure why, but apparently FCCS already knows what to do.
The exception is if a balance sheet account needs a historical translation. Those three are okay to use. If an override is used, either rate or amount, then pick the appropriate choice. If an account is historical but does not contain an override (the help uses the example of Retained Earnings) then select Historical.
