Incorrect functional currency

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Posted on by Community Member Microsoft Employee

I have a company which was setup with an incorrect functional currency of EUR. Transactions were posted to that company in USD amounts (ignoring the functional currency). The functional currency cannot be changed at Tools > Setup > Financial > Multi-currency. Is there a utility or procedure to change the functional currency?

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Mahmoud Saadi 32,738 on at

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RE: Incorrect functional currency

I am indicating that you can copy the current company using the copy company tool, which will not migrate the transactions.

You may proceed then with changing the functional currency before importing any transactions.

Let us know how things go,
Community Member Microsoft Employee on at

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RE: Incorrect functional currency

Mahmoud, thank you for those comments. So you are saying that I can create a new company with USD functional currency, and import my transactions from the old company, and these transactions will then be USD transactions.

I would have expected that my old transactions would somehow be marked as EUR transactions. Is the new USD functional currency assigned upon import? Or is the assigned functional currency not really stored with transactions but simply can not be changed in GP after transactions are entered?
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Mahmoud Saadi 32,738 on at

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RE: Incorrect functional currency

The safest method is to create a new company. You may use the copy company utility to create an identical copy including the master files with no transactions records.

Once done, you may re-import the transactions by considering a mass-entry tool such as Macro, Integration Manager ...etc.

Let us know if you need any further assistance,