Have a requirement to change the company currency of a company where transactions exists for the past 2 years. System has option to change currency but only from current fiscal year.
Is there any option to reverse and change the transactions base currency value? Or posting manual journals to reverse in existing transaction for the old periods and post new journals with new currency is the only option?
Team, kindly assist with best solution practice !
Hi Shobhit Jaiswal,
Do you have some additional information why it is necessary to change the company currency for the last years? This is typically something that is governed by GAAP and regularly needs some approval from auditors, finance management, etc. because by making this change you modify already posted historical accounting data.
Wouldn't it be safer to setup a new company with the new currency and post the historical accounting vouchers in?
Hi Ludwig Reinhard,
Thanks for your suggestion.
Yes you're right.
But in case, company don't want to setup new entity and want to proceed with the currency change with current company, so can we achieve this !
I managed to run the currency conversion functionality to test your scenario. I did this by closing the periods of the first year and then setting the session date to this year before running the currency conversion. This works fine but it does not affect the currency that has been usd for your original vouchers. If you want to have those posted in a different currency, then you have to correct them through an adjustment posting. Doing this for the last years will be quite a cumbersome and lenghty task and you will need some technical help e.g. from a developer for that.
Thanks for testing the scenario.
Also, I am following the link below:
Let me have your comments on it.
Somehow, i m finding tough to achieve it as most of the consultants have not tried this scenario. Let me know if you crack this up. If possible record it and share me, so I can follow the same practice.
I tried this scenario in AX2012 and got the company currency converted as described. However, the original vouchers are not touched and converted and if I understand you correctly this is what you want to do.
Well, I have not tested it so far, just to be cautious .
But, wondering will it work.
And if the original vouchers are not changed then where exactly the conversion happens for the previous years
I believe what you try to achieve is more than what the feature can do. Basically, it flips your accounting currency and posts an adjustment. It does, however, not touch historical transactions, which also seems logically to me as such modifications are typically not allowed by the GAAP I'm familiar with. So, there seems no shortcut available for your scenario and you need to reverse and post new unless you can convince your accountants not to do that.
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