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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Expense management: Fo...
Finance | Project Operations, Human Resources, ...
Suggested Answer

Expense management: Foreign currency transaction

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Posted on by KD-07050819-0 16
Hi 
 
My employees (from US) submits the expense claims in USD while the accounting currency is AUD while I need to pay employee in USD as his bank in US only accepts USD. However, the system converts USD to AUD (Accounting currency). And all the reports (Payment reports) is also showing in AUD instead of USD. 
 
Any idea how can I achieve it?
  • Suggested answer
    Kevin Xia Profile Picture
    Kevin Xia Microsoft Employee on at
    Hi,
    You can refer to this official document: Set up currencies and conversions - Training | Microsoft Learn. 
    Finance uses the concept of accounting currency and reporting currency.

    • Accounting currency - This is the monetary unit of measure that is used to record the converted monetary value of economic transactions in ledger accounts. It is also be referred to as the "company" or ledger currency.

    • Reporting currency - The reporting currency is a secondary accounting currency, that measures the converted monetary value of transactions in a secondary currency, often for the purpose of consolidation or reporting to a parent organization.

    You can refer to this article: https://www.365financearchitect.com/post/automated-accounting-part-9-foreign-currency-transactions. It teaches you how to post transactions in a foreign currency and automatically record the exchange rate on a transaction.
    Or you can refer to this document: Currency capabilities in financial reporting - Finance | Dynamics 365 | Microsoft Learn. It introduces that modifying the Currency display field in the column definition to Reporting currency from Ledger, which will bring back translated amounts that are calculated in the Reporting currency.
    Best regards,
    Kevin

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