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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Currency exchange rate...
Microsoft Dynamics AX (Archived)

Currency exchange rate setup.

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Posted on by Sathyanaath 55

Hi I would like to change the exchange rate for foreign currency transactions which already been posted. Also some of those transaction belong to fiscal year for which the books have closed. Will it affect the books even if they are closed.?

Further as per Indian accounting practice we need reinstate the outstanding balance in the year end at the exchange rate as on the last date of the fiscal year. Can it be done.? If yes please help me how to that.

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  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Currency exchange rate setup.

    Good morning Sathynaath,

    With approx. 100-150 Transactions affected I would imagine that this correction can be done manually without asking a developer writing some jobs.

    The manual correction can be made in any journal - I would probably use one that is commonly used for corrections or manual postings - simply by overwriting the exchange rate that defaults in the journal.

    As an example, if an invoice transaction was posted with a wrong Exchange rate you can simply post customer vs. revenue account using the Exchange rate specified. The same holds for payments. Regarding the settlement of those corrected postings, you have the open transaction editing form available on the customer that allows you changing the settlement date and specifying a rate that should be used for settlement.

    You mentioned that those corrections are (partly) needed for prior years.

    If your financial statements are already audited and if the last years are already 'hard' closed I would recommend doing that adjustment in the current years. Otherwise several other (additional) things need to be done and taken into consideration. If those adjustments do not materially influence your Prior years result, I would not record them in the last year. Probably talk with somebody else from your accounting department to get that clarified.

    Hope this helps,

    Ludwig

  • Sathyanaath Profile Picture
    Sathyanaath 55 on at
    RE: Currency exchange rate setup.

    Hi Ludwig

    It is a customer account. There would be more than 100 trans. It is a mix of invoices and payments received. Originally the transactions have been wrongly entered at a standard rate due to which there would be no forex gain/loss. Hence I need reinstate all the trans including the opening balance and closing balance based on their respective exchange rates. Is it possible.?. I have manually computed the same using excel spreadsheet.

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Currency exchange rate setup.

    Hi Sathyanaath,

    How many transaction are affected from your supposed correction? Do you talk about a hand full of transactions or a lot of transactions that need adjustment? Can you also let us know what kind of transactions shall be adjusted? (Customer/vendor invoices, payments, etc.)?

    Ludwig

  • Sathyanaath Profile Picture
    Sathyanaath 55 on at
    RE: Currency exchange rate setup.

    Hi Ludwig

    Can u please help me out with the adjustment posting for AX 2012. Also I checked for the standard exchange rate functionality but it is not available. Please help.

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Currency exchange rate setup.

    Hi Sathyanaath,

    Changing the currency exchange rate that has been used for posting cannot simply be switched.

    You would need to make an adjustment posting to get this corrected.

    Regarding reinstating the outstanding balance at year end; there are standard foreign currency exchange rate functionalities available in AR, AP and GL.

    Best regards,

    Ludwig

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