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Where does one specify the default currency and the secondary currency for the system?
Thanks
Hi Brianmaric,
Do you mean accounting and reporting currency?
In UI you can find it under General ledger -> Ledger setup -> Ledger
Yes, can you explain what this means a bit more?
I take it that the Accounting Currency is the primary currency and that the reporting currency is reflected in the MST value.
Do you have to specify the reporting currency in the posting accounts?
Accounting currency is usually a local currency for the company. You use this currency for internal and external reporting (for example, tax reporting).
Reporting currency can be useful when you have to report amounts to your parent company, that operates using the currency other than your local currency.
MST value is usually a value in the accounting currency. Reporting and accounting currencies are specified on the company level. You can post transactions in any currency and the amount will be converted using exhange rates to accounting and reporting currency simultaniosly.
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