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How to Correct Postings when Company has been set up with Wrong LCY

Posted on by 69
Hi BC Family,
 
In a bit of a pickle here. A Entity has 100s of postings, correct postings in USD however it turns out when the ledger was set up the LCY was set to GBP and not USD.
 
This has come to light due to Year End proceedings and im super confused on how i should resolve it with out starting again.
 
 
Any ideas on how i could correct the LCY amount postings on the GL/ Vendors/ SL/ VAT?
 
 
 
Thanks
Whizz
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 64,134 Super User on at
    How to Correct Postings when Company has been set up with Wrong LCY
    Hi, I think this has something to do with exchange rate calculation. You also need to confirm the exchange rate posted at that time. If posted at the current exchange rate, there may be an amount difference.
     
     
    Hope this helps.
    Thanks.
    ZHU
  • S2k_85 Profile Picture
    S2k_85 69 on at
    How to Correct Postings when Company has been set up with Wrong LCY
    @valentin - The ledger has already been changed to the correct LCY now however this does not correct all the old postings.
     
     
     
    If I was to redo the Company as a new company (set up in the right way) and then bring over the transactions changing the LCY to be the same as the amount (how it should have been in the first place), is there any guide or checklist which can help me with this, so that i do not miss out any crucial info?
     
     
    Thanks for all the info
  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 7,256 Super User on at
    How to Correct Postings when Company has been set up with Wrong LCY
    Do you have any foreign currencies set up? Any bank accounts or vendors/customers with foreign currency transactions? If you don't, you can just get away with changing the currency code in the General Ledger Setup page. 
     
  • Suggested answer
    Jun Wang Profile Picture
    Jun Wang 5,519 Super User on at
    How to Correct Postings when Company has been set up with Wrong LCY
    agree with Yun, you need to create a new company and redo the transactions with correct LCY. here is post that might shed more light to help you.
     
     
     
    Jun Wang
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 64,134 Super User on at
    How to Correct Postings when Company has been set up with Wrong LCY
    Well, unfortunately, as far as I know there is no way, there are too many things that need to be corrected. Normally you need to undo all erroneous postings and enter new ones.
    Personally, I suggest that it would be faster to redo it in a new Company.
     
    Hopefully other experts can give you better advice.
     
     
    Thanks.
    ZHU

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