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Changing LCY Code from USD to ZW

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Posted on by LarryAnesu

We would like to change our base currency I.e LCY code in general ledger setup from USD to ZWL . This is because of a new statutory requirement.

1. Is it recommended to change your lcy code and continue processing in the same database with a new code?

2.What is the recommended  solution for this situation?

3.what is the impact on historical transactions with an old lcy code? I.e asset value, inventory value, AP, AR etc. And the TB values in general if yoy continue to usethe same database or company.

4.Can the use of additional reporting currency be of use in this scenario?

Categories:
Financial Management
Development / Customization / SDK
Sales
Warehouse
Purchasing
Inventory and warehouse management
  • Suggested answer
    Surath Profile Picture
    Surath 330 on at
    RE: Changing LCY Code from USD to ZW

    1. No

    2. - Use Additional Report currency, you will be able to generate the required reports in additional reporting currency

      - Create a new company and transfer opening balances converted in ZWL

    3. If you just change the LCY code, there won't be any conversion of balances. they will remain the same and shown as ZWL which is wrong.

    4. Additional reporting currency would be the easy option to generate the required reports. there might be some level of customization required on reports based on your requirement.

  • Suggested answer
    TeddyH Profile Picture
    TeddyH 12,861 Moderator on at
    RE: Changing LCY Code from USD to ZW

    Short answer is no because we are dealing with different exchange rates.

    I would consider creating a new company and moving the balances.

  • Hannes Holst Profile Picture
    Hannes Holst 5,767 on at
    RE: Changing LCY Code from USD to ZW

    Hi,

    There are probably a lot of opinions on this.

    At first I would like to mention that your requirement is a business problem, not a technical- or IT-problem.

    That means, the finance department should find the most answers/solutions to the problems such a change will generate.

    (And how they want to handle such a change from a finance point of view.)

    As a possible solution I can't recommend a 'final solution', because such a change is a very individual depending on the company.

    But I can describe, what I would consider: I would considering to create a new Company, e.g. "Your Company ZWL". Export Customers, Vendors, Items, Sales Orders, and open Customer Ledger Entries, open Vendor Ledger Entries and the Inventory using RapidStart. Apply the currency exchange rate in Excel to convert from USD to ZWL. Then import the data into the new company. Looking into the General Ledger, I would consider a similar approach: Exporting openinig balance, apply currency exchange rate and import into the new company.

    But, that is just a starting point.

  • Suggested answer
    Paras mehan Profile Picture
    Paras mehan 3,518 on at
    RE: Changing LCY Code from USD to ZW

    Hi,

    I will suggest you to create New company and upload Opening Balance in that currency.

    forum.mibuso.com/.../changing-the-lcy-code-in-general-ledger-set-up

    if you have to report the financials to other branch in different currency which is other than local currency then you can go for additional reporting currency.

    Best Regards

    Paras M

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