Foreign currency code

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Posted on by djdjwhao

I’m trying to set up some GL’s with foreign currency codes in Business Central. I know that you can do that with bank accounts, customers, and vendors on the profile cards. However I have a couple of foreign receivables, accounts payable, and foreign line of credits GL’s that have to be set up with the appropriate foreign currency codes. In Quickbooks, I was able to set these up through the account type ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE and CREDIT CARD. These types of account types allowed me to add the foreign currency codes. It seems like Business Central does not allow the assignment of foreign currency codes to other GL types like AR and credit card. How can we set them up then? I have loan receivable GLs and foreign lines of credit that have to be in the foreign currency in the source transaction. Please advise. I need this help as soon as I can.

Thanks.

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Dirk on at

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Hi,

In BC it is not possible to specify a currency code for a G/L account.

You can register transactions in whatever currency you have … but the G/L Entries will always be registered with the local currency amount, calculated based on the currency exchange rate specified in the ex.rate table or on the ex.rate you changed in the journal/document just for this transaction .

If you want to track transactions in a foreign currency you need to take the workaround vis customer or vendor (for which the receivables / payables G/L account will also only be in local currency)

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