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Book Overview & Buying
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Table Of Contents
Financial Modeling and Reporting with Microsoft Power BI
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Ideally, if there is a need for handling foreign exchange this should be handled in the accounting systems and not in an ad hoc way in the reporting system. If a legal entity transacts in many currencies, it would be common practice for the accounting system to hold transaction amounts in at least the transaction currency and the accounting currency for that legal entity. Furthermore, if an accounting system supports multiple legal entities using different accounting currencies, it would be common practice (although not universal) to store a third reporting currency. In all of these cases, the best course of action is almost always to use the values stored in the accounting system. This means that there is no possibility of discrepancy between the reports and the accounting system. And after all, the accounting system is the system of record and is supposed to be definitive.But what about other situations where this is not possible? Consider...