what is the main difference between the MRC and Revaluation?
can any one tell me.
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MRC - Multiple Reporting currency is reporting aid which
converts day to day transactions to other foreign currency
as required.
Revalaution is revalaueing foreign currency amounts as per
current exchange rate.
In MRC the source transacation is in Functional currency .
In Revaluation the source transaction is in Foreign
currency.
For MRC we need 2 Set of Books Primary and Reporting
Revaluation can be in the same SOB where transaction
resides.
In MRC all transactions( Assets, Liabilities, Exp....)ir
respective of their type they get converted.
Revaluation is performed only on Assets and Liabilities.
MRC has to be set once and the transactions keep flowing
Revalaution has to be initiated by user.
| Is This Answer Correct ? | 13 Yes | 0 No |
Answer / padma
I believe MRC stands for multiple reporting currency. Where
an organisation has different reporting currencies ( like
companies having global presence ) reporting cannot be just
in one functional currency. When they report the
performance in various other currencies , it is called MRC -
Multiple Reporting Currency. Whereas, Revaluation deals
with the fluctuations of currency exchange rate. There
would usually be difference between a journal entry booked
and at the time of month end. the difference of the same
which would occur due to market flucuations and where the
currency conversion rate gets revalued, is called
revaluation. could some put more light on my comments and
guide me if I am right ??
| Is This Answer Correct ? | 5 Yes | 0 No |
MRC is nothing but Reporting currency in R12 which converts
every txn which you enter will be converted into foreign
currency.For this u need to create a separate ledger with
foreign currency and same cal,coa.
REVALUATION is period end process which finds unrealized
gain and loss on assets,liabilities because of fluctuations
in currency.For this we have to give gain and losses
A/Cs.For this u need to define conversion rates.
Unrealized gain/Loss----Suppose u purchased items on 01jan12
and payment done on 30jan12.The difference between rate on
01jan12 and 30jan12 gives the gain and loss.
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Answer / osama bin laden
Multi Reporting Currency:it reports at the transactional
level,primary to reporting set of books at application\set
of books level.
Prerequisits for mrc:set of books should have to fallow
same accounting flexifield structures with different
currency.Mrc runs the transation for the fixed date from
primary to reporting.
Translation:Translation restates the ledger balances of
functional to the desired foriegn currenct and this happens
at balance level
Revalaution is revalaueing foreign currency amounts as per
current exchange rate.
In MRC the source transacation is in Functional currency .
In Revaluation the source transaction is in Foreign
currency.
For MRC we need 2 Set of Books Primary and Reporting
Revaluation can be in the same SOB where transaction
resides.
In MRC all transactions( Assets, Liabilities, Exp....)ir
respective of their type they get converted.
Revaluation is performed only on Assets and Liabilities.
MRC has to be set once and the transactions keep flowing
Revalaution has to be initiated by user.
| Is This Answer Correct ? | 0 Yes | 2 No |
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