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It seems that setting up multicurrency is made difficult by MS. Its probably assumed that majority of Dynamics users have multiple currency, not just USD.
Anyway. I better asked the question on how to setup the company that just deal with USD. In the manual, I see Z-US$ currency ID, but how is that setup or is it default somewhere?
Thank you
Erwin
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Hi, unless you want to use a different FX Exchange Table for each of the Financial, RM and PM Modules, it doesn't matter what Rate Type you use as long as the FX Table you want to use is set to use the rate type.
The three rate types - Average, Buy and Sell come pre set up in GP, but you can add an unlimited number of other rate types yourself by typing them directly into the list at the top right hand corner of the multicurrency set up window (Tools >> Set Up >> Financial >> Multicurrency)
How they are used is as follows:
In Tools >> Set Up >> Financial >> Multicurrency, you can set a default rate to be used by each series. Say for example you set Financial to be Average, Purchasing to be Buy and Sales to be sell. Now you can createthree FX tables for a particular currency. The first one you create is called 'EURO to USD Financial'. In here you will store the FX rates fr Euro to USD conversions tht you wat your Financial series to use.
You then go to Tools >> Set Up >> Financial >> Rate Types...you select the X table you just set up and assign the 'Average' rate type to it. Now...when you enter a multicurrency Financial Transactio, the system knows that the default rate type is average,and uses the correct table.
You would do the same for Sales and Purchasing in turn...using the rate types Buy and Sell respectively.
The default rate type can be changed when actually entering transactions.
One other thing: You can also set Rate Types by customer. The cool thing here is that you can set posting accounts per rate type. In theory you could have a different rate type for every customer, (all of these rate types could be inserted on one FX Rate Table)..therefore FX Gains / Losses could be posted to a different set of GL accounts for every customer. (Why you would want to do this, I don't know...but it is possible to do!!)
Regards,
In the multicurrency setup, what should I set the default transaction rate type as for financial, sales, & purchasing? Average, Buy, or sell? My company currently does all transactions in USD.
Hi guys, just one small addition. It is better to set up a new USD currency rather than use the Z-USD one. Call it 'USD' and use this exclusively for your live data. This leaves Z-USD free to be tampered with if someone is testing in Fabrikham.
Being based in Europe, most of our customers use multiple currencies and always create new currency ID's for their lve companies rather than the default one that gets installed with the test data.
Best regards,
Ian.
Did you install the Sample company data in the install? You should at least see Fabrikam (or TWO inc) as a company in the access to currency window. Granting access to a company for a currency involves exactly what I wrote before. If I were you, I would go into GP Utilities and do the option of Re-Add Sample Company Data. That Sample company has a bunch of Currencies that you can use. If you don't want to do this, you can create your own currency under tools - setup - system - Currency. Make the currency, then grant access to it, then set it as your Functional Currency. If this does not work, I'm afraid I can't do anything else for you.
Under Tools - Setup - System - Multicurrency Access. You need to grant access to the currency per company. This way you can see it in the lookup when you go set the Functional Currency. So basically select your company and click the checkbox next to Z-USD. The Z-USD comes rom the install but you don't have to use it. You can create your own USD currency. They just provide you with some standard ones out of the box.
Check Links is under Maintenence, with is right in the menu that comes up when you click the Microsoft Dynamics GP button at the top left. Instead of The GP Button - Tools _setup - etc... You go to GP Button - Maintenence - Check Links
Under Tools - Setup - Financial - Multicurrency, this is where you define the Functional Currency. Select Z-USD as your Functional Currency and when you save, it will probably tell you to run Check Links which is under Maintenence - Check Links. This is for version 10 by the way. Is should be the same in 9.
Then you should be good to go.
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