Microsoft Dynamics GP (Archived)

multi currency set up

(0) Share

Report

Posted on by iruser

527

Hi Folks

I am setting up a new GP company.

The company is going to be in USA, and will need to have balance sheet / income statement in US dollars.

the Canadian parent corporation (also in GP as a seperate company) will need to have a consolidated balance sheet and income statement in Canadian dollars.

In multicurrency set up I will select the functional currency as USD. Do I set the reporting currency to USD also so that the income statement / balance sheet can also be USD? OR do i set the reporting currency to CDN so that the exchange tables can kick in?

WE will be using management reporter for financial reporting.

thanks

*This post is locked for comments

All responses (2)

Answers (1)

iruser 527 on at

Like (0)

Report

Re: multi currency set up

thanks for the help Bruce that is what i thought it was, but i've never done a US sub of a CDN corp before so thought i'd check.

have a good one
Verified answer

Bruce Wilkins 570 on at

Like (0)

Report

Re: multi currency set up

In the Multicurrency Setup window the Functional Currency and Reporting Currency will have same currency. The USD company will have USD in both fields. If any GL or Payable transactions are done in non functional currency in that USD database it will use Exchange Table ID in Select Multicurrency Rate Types window to convert amount to USD. So CAD transaction would use Exchange Table ID USD-CAD-T to convert amount from CAD to USD amount. Now as far as reporting, FRx uses the rates setup in *.DAX and the converted USD amount from GP to calculate the reporting amount in CAD. I have not used Management Reporter but I would image there is tables that will convert amount the same way *.DAX does conversion in FRx.