Foreign Exchange - setting the LC

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My ledger is in USD. We have several EUR bank accounts and vendors we pay only in EUR. I've sent up all of the applicable vendor cards using and noted EUR or EMU currency vendors. I've set up the currency card for EUR. Noted the bank accounts as EUR as well.

Do I need to set up a USD currency card? I did that and when I enter a vendor invoice using EUR the amounts are not converting to USD when I go to post the batch. Is there a setting for LC I need to intiate?

I need help...please!

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  • Hello Dave,

    Thank you for posting on the Microsoft Dynamics NAV Forum. We are making a concerted effort to go back and record responses to previous postings for further guidance going forward.

    In response to this question, the LCY currency code is not setup as a Currency Code in the Currency Table.  The LCY Code is identified in General Ledger Setup in the LCY field. All Currency Codes and related Exchange Rates are converted to the LCY by referencing to the blank currency code where the entry is presumed to be posted in the Local Currency.  

    I hope this helps going forward for those customers dealing with the setup of currency.

    Best Regards

    Tom