web
You’re offline. This is a read only version of the page.
close
Skip to main content
Community site session details

Community site session details

Session Id :
Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / How to use multiple cu...
Microsoft Dynamics GP (Archived)

How to use multiple currency in dynamics GP?

(0) ShareShare
ReportReport
Posted on by Community Member

How to use multiple currencies in dynamics GP? I am unable to work on it

My requirement is i want to Convert Functional Currency into another Currency If anybody aware of it Please share to me?

*This post is locked for comments

I have the same question (0)
  • Suggested answer
    Almas Mahfooz Profile Picture
    Almas Mahfooz 11,009 User Group Leader on at
    RE: How to use multiple currency in dynamics GP?
    [deleted]
  • Community Member Profile Picture
    Community Member on at
    RE: How to use multiple currency in dynamics GP?

    Hi Almas Mahfooz,

    Actually I'm not understading the difference between functional currency and reporting currency.

    And Here Functional currency is converted to reported currency but how to check that functional currency is converted or not in dynamics gp.

  • Bill Campbell Profile Picture
    Bill Campbell 12 on at
    RE: How to use multiple currency in dynamics GP?

    Reporting Currency is the currency in which you want to present Financial Statements, Reports and documents for outside consumption.

    Functional Currency is the currency that you might do business with different Customers and even Vendors.  

    If you have international Customers you might receive payment in British Pounds, Hong Kong Dollars, US Dollars - those would be the functional currency of the customer.  All of those currency amounts has to be converted to a single REPORTING currency.

    Hope this helps - with the definition of the two.

  • Suggested answer
    Community Member Profile Picture
    Community Member on at
    RE: How to use multiple currency in dynamics GP?

    Hello Mallesh.

    Unless you are running an extremely old version of GP multi-currency management is inherent to GP and there are three currency types you need to understand:

    -Originating Currency

    -Functional Currency

    -Reporting Currency

    Depending on the version of GP you are running you will find a view currency button or menu option which allows you to toggle back and forth between Originating or Functional currency.  When you setup a GP company you need to set your functional(home) currency along with other variables such as Exchange Rates and Exchange Rate tables.  

    When you are entering a transaction in GP such as a JE the functional currency of that company DB will default, however you do have the option of selecting another currency which would be your originating currency.  By selecting this other foreign currency GP will take into account the transaction date and select an exchange rate from the Exchange tables and then convert your currency to your home Functional currency.  While in the transaction entry window you can actually toggle back and forth between the Originating and Functional currency.  When the transaction is posted the Functional amount will be posted to your GL and the originating amount will be available for review in history.

    When you see reference to the "Reporting" currency in GP, it allows users to enter an adhoc reporting exchange rate but this is not the amount which will be posted to your GL.

    There are a lot of moving parts to MC in GP and can get even more complex if you introduce "Currency Translation" in MR.

    Hope the above helps.

  • Community Member Profile Picture
    Community Member on at
    RE: How to use multiple currency in dynamics GP?

    Hello Bill Campbell

    Where can i see this converted currencies in dynamics GP Console and respective table names where functional currency amount and REPORTING currency amount will be stored. Actually I'm new to this So can you please provide me some more resources related to this

  • Community Member Profile Picture
    Community Member on at
    RE: How to use multiple currency in dynamics GP?

    Hello George Stavropoulos

    Actually I'm new to this So can you please provide me some more resources related to this and where can i see this transalations occur in GP console.

  • Verified answer
    L Vail Profile Picture
    L Vail 65,271 on at
    RE: How to use multiple currency in dynamics GP?

    This is from a blog post I did a while ago:

    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
    OR
    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]
    OR
         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
    OR
    Financial | Cards | Financial | Currency Account Update
    OR
    Financial | Cards | Financial | Account History | [Currencies button]
    OR
    Financial | Cards | Financial | Account | [Currency button]

    8. Assign Currency ID and Rate Type ID to Checkbook ID
    Financial | Cards | Financial | Checkbook

    9. Assign default Currency ID and Rate Type ID to appropriate Customers (or roll down from Customer Classes) and set revaluation options
    Sales | Cards | Customer | [Options button]

    10. Assign default Currency ID and Rate Type ID to appropriate Vendors (or roll down from Vendor Classes) and set revaluation options
    Purchasing | Cards | Vendor | [Options button]

    Enjoy!

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

News and Announcements

Join experts in person to explore low code and AI agents at the Power Platform Community Conference sponsored by Microsoft

Quick Links

Responsible AI policies

As AI tools become more common, we’re introducing a Responsible AI Use…

Abhilash Warrier – Community Spotlight

We are honored to recognize Abhilash Warrier as our Community Spotlight honoree for…

Congratulations to the September Top 10 Community Leaders!

These are the community rock stars!

Leaderboard > 🔒一 Microsoft Dynamics GP (Archived)

Last 30 days Overall leaderboard

Featured topics

Product updates

Dynamics 365 release plans