Multi-currency period close
Approve reconciliations, revalue supported balances, review the close and consolidate each entity into the group reporting currency.
6 stages · 3 approvals
Roles and responsibilities
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Step 1Closing rates
EntityPeriod NamePeriod TypeStart DateQuarter
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Step 2Reconcile
Journal Entry NumberEntityDateDescription
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Step 3Revalue
Run NumberEntityPeriodRun Date
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Step 4Review
Journal Entry NumberEntityDateDescription
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Step 5Post
Journal Entry NumberEntityDateDescription
Process steps
Follow the process from start to finish. Select a step to see who acts and what changes.
Closing rates
Treasury Analyst confirms the closing and average rates required for the reporting period. Missing-rate exceptions remain visible until resolved or a permitted substitution is approved. Controller authorises closing-rate overrides with the original value, replacement, source and reason retained. Used-rate history remains available for review.
Approval required
Reconcile
GL Accountant and Treasury Analyst prepare bank and subledger reconciliations; Controller approves the balanced bank reconciliations before revaluation starts. AR Clerk and AP Clerk complete cutoff work, with unapplied cash and unsettled payments explained. Intercompany balances are agreed and timing differences reviewed. Accruals, depreciation, allocations and tax accruals are prepared with their workings.
Revalue
Treasury Analyst calculates revaluation from the approved reconciliations and applicable closing rates. Bank and loan balances use supported account-level workings; receivables, payables, unapplied cash and intercompany open items retain allocated carrying adjustments. The run records the source balances and the change from their current carrying values.
Approval required
Review
Controller reviews revaluation, manual journals, asset-level depreciation and allocation targets. FP&A Analyst supplies variance analysis; Tax Specialist supplies tax accrual evidence. Changes go back to the owner and invalidate affected calculations or approvals. Waiving a close task requires a recorded reason and independent Controller decision.
Post
Controller authorises the reviewed postings and entity close. Revaluation updates carrying values and schedules reversal where that method applies. Soft close permits the authorised close adjustments; hard close blocks further postings. A later filing retains its reporting period but uses an eligible open posting period for any new journal.
Approval required
Consolidate
The preparing Controller translates the included entity periods into the group's reporting period and reviews eliminations and differences. A different authorised Controller signs off. Preliminary runs may use soft-closed entities; locking requires the required entity closes, resolved adjustments and frozen rate versions. A later entity correction supersedes the affected run.
Approvals and exception handling
3 approvals required in this process
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Reconcile
Controller signs · revalue waits
BankReconciliations, IntercompanyTransactions, IntercompanyBalances, JournalEntries, DepreciationRuns, AllocationRuns, CloseTasks -
Review
Controller signs · post waits
RevaluationRuns, JournalEntries, CloseTasks, DepreciationRuns, DepreciationLines, AllocationRuns, AllocationLines, ApprovalDecisions -
Consolidate
Controller signs · closes the process
ConsolidationRuns, ConsolidationEntities, TranslatedBalances, EliminationEntries - Approve reconciliation firstA merely balanced or submitted bank reconciliation does not satisfy the revaluation dependency.
- Retain the calculation basisRates, source balances, item allocations and run versions explain each revaluation posting. A changed source requires recalculation.
- Separate reporting from postingEntity, group and tax reporting periods retain their meaning. No filing or consolidation adjustment is back-posted into a hard-closed entity period.
- Review differencesIntercompany mismatches and elimination residues require evidence and an approved correction or adjustment; matching a transaction does not guarantee equal translated amounts.
- Record exceptionsDelegations and waivers keep their scope, dates and acting identities. They cannot bypass preparer/approver conflicts or mandatory posting controls.
When the process needs attention
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exception
Closing rates
Missing-rate exceptions remain visible until resolved or a permitted substitution is approved.
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variance
Review
FP&A Analyst supplies variance analysis; Tax Specialist supplies tax accrual evidence.
Records and postings
| Stage | Records | Dr | Cr |
|---|---|---|---|
| 1 Closing rates | ExchangeRatesRateExceptionsRateOverridesAccountingPeriods | none | none |
| 2 Reconcile | BankReconciliationsIntercompanyTransactionsIntercompanyBalancesJournalEntriesDepreciationRunsAllocationRunsCloseTasks | bank and subledger adjustments post through their approved workflows |
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| 3 Revalue | RevaluationRunsRevaluationLinesRevaluationItems | none until approved |
|
| 4 Review | RevaluationRunsJournalEntriesCloseTasksDepreciationRunsDepreciationLinesAllocationRunsAllocationLinesApprovalDecisions | none | none |
| 5 Post | JournalEntriesDepreciationRunsAllocationRunsRevaluationRunsAccountingPeriods | approved accruals depreciation allocations tax and revaluation |
|
| 6 Consolidate | ConsolidationRunsConsolidationEntitiesTranslatedBalancesEliminationEntries | approved translation adjustments eliminations and non-controlling interest in the group unit |
Process reports
All reportsIntercompany Reconciliation
Every entity pair and currency for the period with each side's balance, the difference and the agreement status, drillable to the transactions in the period with both entities' booked amounts, so the consolidation cannot start with an unexplained difference.
Trial Balance
All GL accounts per entity per period with opening balance, debit and credit movement and closing balance in functional currency, with a reporting-currency column at the period's translation rates; drills from summary account to account to source journal lines.
Balance Sheet
Assets, liabilities and equity rolled up per entity and consolidated, comparative to prior period and prior year, in functional or reporting currency, with the fixed-asset roll-forward as a supporting schedule.
Consolidation Worksheet
Per account, one column per entity in reporting currency from the translated balances, an eliminations column, a non-controlling interest column and the consolidated column, for a locked or calculated run; each elimination drills to the entry and the transaction it removes.
FX Gain and Loss Summary
Posted residual settlement and bank-disposal FX plus posted revaluation FX, per entity, currency and period. RevaluationReleased is a carrying-value allocation and is not added to P&L again; any optional lifetime presentation identifies previous-period recognised FX separately.
Budget vs Actual
Per account per cost center, budget, actual, variance and variance percent for period, quarter-to-date and year-to-date, in entity currency or translated at the budget rate for the group view.
Run by an agent
Agent support
An agent cannot approve a revaluation, authorise payment, confirm an intercompany transaction for the receiving entity or sign off a close. It cannot bypass limits, entity access or separation of duties. Preparation remains distinct from the human approval required to release or post the work. Test those restrictions during implementation and retain the agent identity in the audit trail.
# Example after configuration
$ curl -fsSL https://www.erp.ai/skill.md | paste into your agent
› multi-currency period close · closing rates on ExchangeRates, RateExceptions, RateOverrides, AccountingPeriods
✓ Treasury Analyst confirms the closing and average rates required for the reporting period.
› multi-currency period close · reconcile on BankReconciliations, IntercompanyTransactions, IntercompanyBalances, JournalEntries, DepreciationRuns, AllocationRuns, CloseTasks
⏸ approval · waiting for the controller
# 4 more stages after approval: revalue, review, post, consolidate
Other processes
5 moreInvoice to cash in a foreign currency
Invoice customers in their currency, record cash when it arrives, and reconcile each application with the amount owed and its current carrying value.
6 stages · 2 approvals
Bill to payment
Review supplier bills, approve spending within recorded authority, and track payments, currency differences and rejected-bank attempts through to reconciliation.
6 stages · 2 approvals
Revaluation run
Restate foreign-currency balances with item-level workings, independent approval and a clear basis for later settlement.
6 stages · 1 approval
Intercompany to elimination
Agree intercompany transactions, post each entity in its own period, reconcile balances and review consolidation differences.
6 stages · 3 approvals
Consolidation and translation
Translate entity results into the group currency, review eliminations and adjustments, and approve a reproducible consolidation.
6 stages · 2 approvals