I need to construct financial statements in a “functional currency” (NZD) and then translate into another currency (AUD).
The balance sheet end of month balances need to be translated at the End of Month Rate and the Profit and Loss transactions need to be translated at the Average Rate of the month.
I am able to translate the P&L data but I am having difficulty in calculating the running total per month for each balance GL-account and then translate that to the AUD currency.
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It did not resolve my problem. My problem which I am not sure how to fix is as follows:
I need to summarise the balance sheet accounts for each period and then using a ‘end of Month’ exchange rate to translate the balance from NZD to AUD for example.
