Why am I unable to consolidate due to a currency mismatch?
When performing consolidations, it is not possible to have two different currencies as the system currently does not support currency conversion during the consolidation process.
If you are unable to add a company to the consolidation process, it's likely due to a currency mismatch.
In Compliance, you can set the Reporting Currency, but this only affects the symbol that will appear on reports, accounts, etc.
- Base Currency of the client is set under Settings > Accounts > Setup.
- This is selected when you first set up the client, and it is always locked as the main currency.
For the consolidation process, the currency needs to be the same.
I have discussed this with the Product Lead, and we have created a separate development ticket to explore the inclusion of a currency conversion feature in the consolidation process. This would allow the system to convert Pounds to Euros based on the conversion rate, for example, when consolidating an Irish parent dataset with an English subsidiary.
Currently, if you wish to include a dataset with a different currency, you need to create a new dataset and select the correct Country of Incorporation so that it pulls in the correct base currency. You can then post journals to it or import a TB and proceed with the following steps:
- Open the Parent Dataset
- Go to Compliance > Client Details > Group Companies
- Add a new subsidiary with the correct currency
- Run the consolidation process
For further guidance, you can refer to our consolidation guide:
Consolidation Guide