Hey all, n00b finance Q - We have 2 main subs (4 including Parent and elim), both trade in numerous currencies, but both has base currency = USD. Question is during ME period close, do we need to calculate the consolidated exchange rate if the base rate of both are the same? My understanding is that the consolidated exchange rate is used for consolidated report of subs with different base currencies. Am i close?

You're right. There will be no calculation required, the translation rate will always be 1 for consolidated exchange rates.

thanks @Jon Kears. Do you mean to simply click thru the checklist and mark as complete? (without doing anything else)

No @Mika Hakkinen you'll want to run the process and post entries. Revaluation is different than what Consolidated Exchange Rates are doing. Reval is basically marking your foreign-denominated balances to the USD>(foreign currency) rate as of the end of the month. The Payables and Receivables are straightforward; if you posted 1,000 EUR invoice at 1.1 on 11/15 and the month-end rate is 1.2, it will post a reval entry of 0.1 x 1000. Non-payables and receivables accounts aren't as straightforward because there's usually some weighted averages and other stuff going on, but same general concept. If you want to see what generates and get a better understanding, I'd recommend running the process in Sandbox.