Foreign exchange and currency translations become issues for entities when they conduct business through a foreign operation, such as a subsidiary, associate company, branch or joint venture or where entities enter into transactions denominated in foreign currencies. The different types of currency translations include: Converting many currencies to a single currency Converting a single source currency to many currencies Converting many currencies to many other currencies o2olap is fully aware of the different currency translation approaches adopted within the Microsoft Analysis Services (OLAP) environment. However, the approach adopted by o2olap is by far the most flexible and efficient approach in the Analysis Services environment. For example, with one formula, o2olap can translate any combination of world-wide currencies into a base reporting currency, with translation taking place using either spot, forward, average or closing exchange rates. The reporting currency can in turn be translated into any other currency. Features include: Translation of income statement accounts at the average exchange rate Translation of the balance sheet at the closing rate of exchange Automatic calculation of "exchange differences" or "translation adjustments" Retranslation of the base reporting currency into any other currency Translation of any currency, including the European Monetary Unit Maintenance of exchange rates for all world-wide currencies Maintenance of actual, budget and forecast exchange rates and the translation of any foreign currencies using the respective rates Updating an exchange rate automatically updates any calculated translations immediately Translation of foreign transactions into the required base currency