Dynamics Community Forum Thread Details

Setting Up Currency in a Newly Opened company in Dynamics GP -2013

Hi Zulfi,

My middle-aged eyes can't see the screenshots, but I do have some information that might help. I put a post on my blog awhile back about setting up a new currency. I'll put the link, but also paste the contents below. Too many times I've clicked on links from old posts just to find the web site is no longer available.

Here's the link

http://dynamicsconfessions.blogspot.com/2014/06/setting-up-multicurrency.html

Here's the post:

Setting up Multicurrency

I developed my own cheat sheet / checklist for setting up the Multicurrency module. I wanted something that I could fit on a single page just to remind me of what I needed to do next.

Recently, I’ve had a few colleagues ask me whether I had some kind of easy to follow checklist and I’ve been sending them this one. It seems more and more companies are implementing multicurrency these days, so I thought I’d share it with the community. It’s not fancy, nor does it provide any explanations – but it does provide the navigation to the various widows.

I welcome your comments on ways to improve it or if you think things should be re-ordered.

1. Create Currency (use the ISO code for the ID, don’t use the ‘Z’ entries)

Administration | Setup | System | Currency

2. Create Exchange Table

Administration | Setup | System | Exchange Table

Exchange Table naming convention suggestion:

Segment 1 = Functional Currency

Segment 2 = Originating/Reporting Currency

Segment 3= Usage, such as BUY, SELL or AVG (optional)

3. Establish Rates

Administration | Setup | System | Exchange Table | [Rates button]

Rate calculation is Originating Currency * Rate

Originating Currency / Rate

You can use up to seven decimals

4. Grant Company access to currency and rate table (all must exit Dynamics)

Administration | Setup | System | Multicurrency Access

5. Set Rate Types

Financial | Setup | Financial | Rate Types

6. Set Posting Account Defaults. The system will search for an account in the order listed below. As soon as it finds one, it stops looking. If all should share the same account, enter it at the Company level.

Rate Type Accounts

Financial | Setup | Financial | Rate Types | [Accounts button]

Currency ID

Administration | Setup | System | Currency | [Accounts button]

Financial | Setup | Financial | Currency Accounts

Company-level Posting Accounts

Administration | Setup | Posting | Posting Accounts | Display ‘Financial’ from drop list

7. Assign Currency Access to your GL Accounts. Identify which accounts should accept transactions in a foreign currency.

Financial | Cards | Financial | Account Currencies

Financial | Cards | Financial | Currency Account Update

Financial | Cards | Financial | Account History | [Currencies button]

Financial | Cards | Financial | Account | [Currency button]