Prepare your subsidiary data by revaluing and translating balances before you transfer the balances to your parent.

Revalue Balances
If any of your subsidiary sets of books have balance sheet accounts that are denominated in a foreign currency, revalue the balances to reflect the impact of any changes in exchange rates. Post the resulting revaluation journal.

Translate Balances
If any of your subsidiary sets of books uses a functional currency different from your parent, you should translate the account balances before you transfer the subsidiary data to your parent. You should translate into the parent set of books’ functional currency.

You can use the Global Consolidation System to check the translation status of any subsidiary set of books. Also, from the Translation Statuses window you can submit a request to rerun a translation.
Note: From the Consolidation Workbench, you can only rerun translations that have already been run at least once for the
period. You cannot modify a translation or define new translations. To define new translations, use the Translate
Balances window.

Multiple Reporting Currencies
If you use Multiple Reporting Currencies, you may be able to bypass the translation step by consolidating directly from a subsidiary’s reporting set of books to your parent set of books. You still need to run revaluation on the primary and reporting set of books before you consolidate.

To check translation status for a subsidiary set of books:
1. Navigate to the Consolidation Workbench.
2. Query the consolidation mapping of the subsidiary whose translation status you want to check.
3. Choose the Translation Status button from the State Controller.
4. Review the information on the Translation Statuses window. The Translation Status column indicates whether a translation is Current or Not Current. The Date Last Run column displays the date that translation was last run.

To submit a translation:
1. From the Translation Statuses window, select the translation you want to run by marking the Translate check box.
2. Choose the Translate button.