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Hi,
I just want to know the effect if I change base/functional currency in the middle of fiscal year. Is there any big impact in the transactions?
Thanks,
Kristine
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Hi Kristine,
What would be the justification to change the currency? If it is related to conversion to the Euro, it is possible and supported. All accounting entries will be converted. Sometimes there is a rounding difference and needs to be posted. That is the impact in the system. Business wise the impact is bigger as anyone should learn to think different. Maybe you can talk also with an external auditor.
Just changing the currency code only will not work.
Hi André,
Thank you so much for the reply. Our current functional currency is in USD and reporting currency is in PHP. We are imposed by our authorities to use our own currency as the functional currency instead so we need to switch the currencies, PHP as functional currency and USD as reporting currency, half way of our fiscal year.
I've tried to switch it but it seems nothing change. The Amount currency in ledger transactions is still in USD amount and the Amount secondary currency is still in PHP.
Regards,
As you tagged this question with AX2009, I'm assuming you are using this version.
You can use the Company currency conversion form in menu Administration, Periodic to switch the currency. It will create additional postings for rounding differences.
Thank you so much for the response. I tried to run it but I cannot post the rounding difference. Below is the error.
"Voucher DIFF-001, date 31-Jan-2014, account 838150, amount currency 0.00, amount MST -6,188,232,590.00, alternative amount 0.00, currency PHP, text"
"The transactions on voucher DIFF-001 do not balance as per 31-Jan-2014. (Company currency: -6,188,232,590.00 - secondary currency: 0.00)"
What could be the possible reason for this?
Do you know if this is a difference posting? The voucher seems to be setup with a naming convention DIFF.
If so, please check the setup and parameters used for the currency conversion. The DIFF-001 voucher is not in balance. As I'm not familiar with your environment, I do not know the direct cause.
Hi would you happen to know why when I try do take this action of converting to a different currency reporting or accounting I have this error message: All fiscal periods of the previous fiscal years must be closed. ? Though it says in TechNet that this action can be taken at any point during the fiscal year
Hello Veronika
did you find any solution on above? we need to change the accounting currency for the legal entity in 2012
this is the only options we have and we cant close the fiscal years.
Kunal Patel
Hi Kunal,
Can you tell why you cannot close the fiscal years? It is a technical issue?
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