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Differences between the Default currency and the foreign currency in trial balance

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Posted on by CU26112018-0

I have a Client who has never adjusted exchange rates since 2016. What is the best way to adjust these on the balance sheet from 2016 to 2023?

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Jun Wang 7,443 Super User 2024 Season 2 on at

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Differences between the Default currency and the foreign currency in trial balance

you could set up correct exchange rates for the closed year and run the batch job to test in a sandbox, post to see if issue could be fixed. if this doesn't work, then they may need to figure out other ways to fix the financials in other ways.
CU26112018-0 20 on at

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Differences between the Default currency and the foreign currency in trial balance

Since the Client closed 2016-2023 should they run the adjust exchange rates for 2024 for all years and use the end date 12/31/24 this year end? Or just forget about the closed years and start with the current year and run the adjust exchange rates going forward?
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YUN ZHU 73,696 Super User 2024 Season 2 on at

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Differences between the Default currency and the foreign currency in trial balance

Hi, unfortunately, as far as I know this cannot be done.
Even if you correct, the posting date can only be set for an unclosed fiscal year, such as this year.

And if the past financial statements have been closed, I personally do not recommend adjusting to the previous date....All reports need revision....

Thanks.

ZHU
CU26112018-0 20 on at

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Differences between the Default currency and the foreign currency in trial balance

The Client has closed all fiscal years through 2023, but never ran the adjust exchange rates. Is it possible to correct now with a JE
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YUN ZHU 73,696 Super User 2024 Season 2 on at

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Differences between the Default currency and the foreign currency in trial balance

Hi, if you have never closed a fiscal year, you can run the Adjust Exchange Rates report on the system going back to 2016. Generally this needs to be run once a month and all financial statements in your finance will need to be adjusted.

If you have closed a fiscal year before 2023, this cannot be adjusted in the closed year.

Hope this helps.

Thanks.

ZHU
gdrenteria 12,183 Most Valuable Professional on at

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Differences between the Default currency and the foreign currency in trial balance

Hi

You can execute the process for the years that have not been executed, you must take into consideration some premises, also verify if you have closed periods, currently the functionality allows you to preview the registration, so you could analyze the impact.
I'll give you some links so you can review it, I hope it helps you a little.

https://learn.microsoft.com/en-gb/dynamics365/business-central/finance-how-update-currencies#adjust-exchange-rates

https://learn.microsoft.com/en-us/dynamics365/release-plan/2023wave2/smb/dynamics365-business-central/adjust-exchange-rates-easily-replace-built-in-batch-job

best regards

Gerardo

Differences between the Default currency and the foreign currency in trial balance

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