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faq:multi_currency_setup

Multi Currency Setup

This article is on the setup of multi currency. I would like to include some white papers on its operation as well.

Check List

  • Base currencies are defined first consecutively as base 1, base 2 etc. If you have a bank account in a given currency, you will need a base currency for this.
  • Non base currencies are defined afterwards as 3,4 etc
  • In the General Ledger, Banks are defined in the currency of their bank. ie. USD banks are set as USD
  • In the General Ledger, Inventory is defined in your base 1 currency. (see help for multiple inventory currencies)
  • Gain Loss accounts are set up in the G/L for each currency. In the multi-currency setup, you must define these G/L numbers in the Gain Loss.

Conversion

When updating a customer to multi-currency, expect several days of work here. This is not trivial.

  • Set the Minimum book month to 0000/00
  • Make sure base 1 currency is 1.0000 for all dates. You need to click the All checkbox (and flip tabs to refresh).
  • Run A/R, A/P, GL integrity - use the tools - DoGainLoss 2 then 1 to attempt to post the gain/loss entries. Keep doing this step until all integrity errors are gone. You may have to fix some entries manually.
  • Open the unbalanced entries report, turn on supervisor mode, can press the clear button.
  • run the Fix proof for all base currencies and book months. You must highlight all cells and press fix, don't use the wizard fix. Investigate any months that are not zero.
  • Run the Check Customer / Supplier Balances to recalculate the customer balances for each currency.
  • Run the A/R and A/P Sub ledger report and fix any errors here. To get the Aged reports to match the balance sheet, you must Select “Show all invoices/bills based on invoice/bill date”
  • Note - Foreign Accounts Payables are not converted to Multi-currency. Foreign A/P is a manual process that does not use a conversion rate and are not convertible. We recommend that you discontinue the foreign A/P suppliers and create new multi-currency suppliers.
faq/multi_currency_setup.txt · Last modified: 2015/11/23 14:11 by craig