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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Allow more currencies ...
Microsoft Dynamics AX (Archived)

Allow more currencies in Bank account

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Posted on by Community Member

Dear all,

I have one issue as below:

In my initial setup, my USD bank account does't allow to post more currencies and our accounting currency is GBP for example. However, after audit, the auditor wan to adjust the USD bank account with the realized gain/ loss transaction. My question is, if i change the initial setup to allow to post more currencies in USD bank account , is there any cons for this solution?

Thank you so much,

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  • Suggested answer
    Nagendra Varma K Profile Picture
    Nagendra Varma K on at
    RE: Allow more currencies in Bank account

    Hi Thu,

    As long as you setup, Accounting currency and reporting currency. System will take exchange rates from currency exchange rates, Before you change Please take a backup and ensure as on date bank reconciliation is done .

    Thanks

    Nagendra Varma K

  • Community Member Profile Picture
    Community Member on at
    RE: Allow more currencies in Bank account

    Dear Nagendra Varma K,

    Thank you so much for your feedback, so for foreign revaluation, after i post the adjustment entries, does it affect my revaluation?

    Best regards,

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Allow more currencies in Bank account

    Hi Thu Ngo,

    There is one catch you have to be aware of when posting multiple currencies on a single bank account.

    This catch is that - for most countries - there is no foreign currency revaluation functionality available in the bank module.

    You can then of course run the foreign currency revaluation from GL for the bank ledger account.

    Doing that will, however, result in a difference between the bank and the GL module.

    Some additional information on this can be found here:

    dynamicsax-fico.com/.../foreign-currency-revaluation-cash-and-bank-management-module

    Best regards,

    Ludwig

  • Community Member Profile Picture
    Community Member on at
    RE: Allow more currencies in Bank account

    Dear Ludwing,

    Thank you so much, i think i get your point.

    But please let me confirm my checking and understanding.

    For example, my accounting currency is GBP, the currency for the bank account mentioned is USD. The adjustment entry is in GBP currency.

    After i run the revaluation, currency code only USD for the GL account mapped with USD bank account - in GL module, AX just re-calculate the total USD amount which posted with USD currency and this is lead to the difference as you mentioned above?

    Best regards,

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Allow more currencies in Bank account

    Hi Thu Ngo,

    If you bank account is primarily tracked in USD, you might run into the issue describe on the post whenever you post a non-USD transaction. You can certainly try to avoid running into this issue by limiting the foreign currency valuation to specific currencies or by not running it at all for your bank account. Yet, the issue is that if somebody else than you is doing that job - let's say because you are on holiday - there is a high risk that things go wrong and that you run into this reconciliation issue. Even if this happens there are some workarounds available how you can fix them. Yet they are time consuming and I just wanted to make you aware of potential pitfalls :-)

    Best regards,

    Ludwig

  • Community Member Profile Picture
    Community Member on at
    RE: Allow more currencies in Bank account

    Dear Ludwig,

    Yes, i also have the same concern as you for the onward process - this would be daunting when reconcile the GL and bank.

    Other than that, do you have any recommendation for my case?

    Thank you so much,

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Allow more currencies in Bank account

    Hi Thu Ngo,

    I would ask a developer making the standard bank reconciliation feature available for your country. That's the easiest way and because it is a standard feature from MS, I cannot see any issue except that you have to get a developer in who can help you making this feature available.

    Best regards,

    Ludwig

  • Community Member Profile Picture
    Community Member on at
    RE: Allow more currencies in Bank account

    Dear Ludwig,

    Thank you so much, however, my case is kind of specify one.

    Because, at the beginning, we use, for example, USD as accounting currency, after that, we change in to GBP, and this lead to the situation that the amount in GBP is not correct with the auditor's balance. And we have to post the adjustment entry to have the correct amount. There is where the daunting issue appears.

    Best regards,

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Allow more currencies in Bank account

    Hi Thu Ngo,

    With saying that you changed the Accounting currency you mean that you changed the currency symbol at the bank account Level. Is that right? Or do you refer to changing the Accounting currency for your whole system in the GL ledger form?!

    Best regards,

    Ludwig

  • Community Member Profile Picture
    Community Member on at
    RE: Allow more currencies in Bank account

    Dear Ludwig,

    I mean changing the currency in GL ledger form.

    Thank you and best regards,

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