Multiple Reporting Currencies

Multiple Reporting Currencies (MRC) is an Oracle General Ledger feature that allows you to report in your functional currency and in one or more foreign currencies. You do this by defining one or more reporting sets of books, in addition to your primary set of books. You can set up multiple reporting SOBs and associate them with a primary SOB.

Your primary functional currency is the currency you use to record transactions and maintain your accounting data; the currency in which you transact most of your business and the one you use for legal reporting.

A reporting functional currency is a currency other than your primary functional currency for which you need to report accounting data.

If you only need to report balances in a currency other than your primary functional currency, the General Ledger Translation feature is probably sufficient.

You need MRC when:

1. You operate in a country whose unstable currency makes it unsuitable for managing your business. As a result, you need to manage your business in a more stable currency and still be able to report your transactions and account balances in the unstable local currency.
2. Your company is multinational, and you need to report financial information in a common functional currency other than that of the transaction or your primary functional currency.
3. You operate in a country that is part of the European Monetary Union (EMU), and you want to concurrently report in Euro in preparation for the pan-European currency.