rogerwilkouk
Active Member
We have a scenario where the base currency for one of Companies is MXN but they are part of the consolidation to the parent USD company.
We need to maintain the Fixed Assets in MXN for their local reporting, but we also need to maintain the Fixed Assets in USD, at the original exchange rate the Asset went into service.
This means we need to depreciate the Asset in MXN, but also run depreciation on the original USD amount as well (and not just convert the MXN depreciation to USD) as this "true" USD depreciation is what needs to be part of the consolidation.
Currently we have been holding all the Assets in 2 seperate ledgers (one MXN and one USD) and running depreciation in both ledger. Then when we run the restatement to USD, we exclude the asset accounts from the restatement and then restate the USD ledger @ a rate of 1.
This has been working well while we have only a few Assets, but the volumne of Assets is getting to the point where it is hard to track and make sure all/any Fixed Asset entries are done in both ledgers.
Does anyone have any experience of a situation like this or have any other ideas as to how we can do this better.
We need to maintain the Fixed Assets in MXN for their local reporting, but we also need to maintain the Fixed Assets in USD, at the original exchange rate the Asset went into service.
This means we need to depreciate the Asset in MXN, but also run depreciation on the original USD amount as well (and not just convert the MXN depreciation to USD) as this "true" USD depreciation is what needs to be part of the consolidation.
Currently we have been holding all the Assets in 2 seperate ledgers (one MXN and one USD) and running depreciation in both ledger. Then when we run the restatement to USD, we exclude the asset accounts from the restatement and then restate the USD ledger @ a rate of 1.
This has been working well while we have only a few Assets, but the volumne of Assets is getting to the point where it is hard to track and make sure all/any Fixed Asset entries are done in both ledgers.
Does anyone have any experience of a situation like this or have any other ideas as to how we can do this better.