Changing Local Currency of Company

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Posted on by Anita75

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Hi All,

I want to check with those who have changed local currency before and after transactions in a company. We want to copy one of the companies and change local currency. I guess if you find a backup without transactions this should be easy. Below are few areas I have to check for currency and change if the new local currency is already being used:

1. Bank accounts

2. customers and suppliers

3.currency table - need to delete entry for example if local currency is changed from AUD to USD then i have to delete USD entry as in BC local currency is ''

Not sure if there are any other areas or concerns. related question is can you practically change currency if you have transactions?

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Anita75 1,159 on at

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RE: Changing Local Currency of Company

Awesome thanks guys

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JAngle 113 on at

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RE: Changing Local Currency of Company

Also only done this once. What Steve has described is the method I used. Only difference was how I created the company. It was on premise so I could delete all transactions. Worth checking is a saas version of that is available. Just keeps your focus on the financials

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RE: Changing Local Currency of Company

Anita,

This one is very tricky but I follow the following steps... I have only done this once:

1. Create New Company with the new LCY = USD (I think this is what you want for LCY). Setup Additional Reporting Currency to AUD, if you want to see this currency as an additional reporting currency.

2. Bring over Master Accounts (Vendor, Customers, Items, COA, Currencies, Open Customer Ledger Entries, Open Vendor Ledger Entries, Open Item Ledger Entries (physical inventory), GL History Net Chang by Month, etc...), you can use Configuration Package to bring records over. Make sure you Transfer all Opening Balances converted to the LCY value you intend to use (i.e. USD from AUD).

The above was intended only to bring over the minimum transactions starting as the new LCY value to balance from sub-ledger to GL Ledger.

Hope these steps help.

Thanks,

Steve

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Marco Mels on at

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RE: Changing Local Currency of Company

Hello,

This may be better answered by a consultant working in the field, but you may want to have a look at this one too:

docs.microsoft.com/.../finance-how-setup-additional-currencies

Thanks.

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