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Is a document available where explains how to set up the FX (foreign exchange) process in Dynamics AX?
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This is a core functionality, and it is explained in detail in the training material (Financials I course) and in the online help of the product.
At a minimum, you must do 3 things in order to use multiple currencies
1. Set up one foreign currency rate type
GL > Setup > Currencies > Exchange Rate Type
2. For the above rate type, define exchange rates from different currencies into your accounting currency
GL > Setup > Currencies > Currency Exchange Rates
3. Select 'Default Exchange Type' the type created above on the Ledger form
GL > Setup > Ledger
From this point, whenever you create a journal in a foreign currency, the system will pull the appropriate spot rate (based on the date of the transaction), stamp the value on the voucher, and calculate the corresponding amount in account currency.
In the case of handling different currencies, by example MXP (Mexican Peso) and USD (American dollar), every single operation in USD must be reflected in MXP at the exchange currency of the month close in order to reflect it for the finalncial statements and fasb 52 processes.
By example if you have a cash entry of, let say, 1000 usd, at 10 MXP per USD, you will reflect 10,000 MXP. At the end of the month, if the exchange currency is 11 MXP per USD, you must reflect a 11, 000 MXP or, 1000 MXP of exchange gain. It is important to see that the original 1000 usd, are not changing, the change it is done on the local currency.
the same apply for accounts payable and accounts receivable.
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