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Suggested answer

Different currency transactions

Posted on by 415

Hi, I have my base currency set for € and have exchange rates set up(GBP for example), I know when entering a sales invoice if I enter the amount in euro and it's a GB, NAV will convert the euro amount, but can I enter the amount in GBP and also then have NAV convert this to Euro?

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Different currency transactions

    Marley,

    When entering a Cash Receipts Journal, for the Customer who uses GBP and pays in GBP, you enter the Cash Receipts Amount in GBP and when posting it will convert to EURO. The exchange rate for the Posting Date of the Cash Receipt record is used to establish the Relational Currency Exchange Rate.

    Here is my screen for EUR, per my example in my reply:

    pastedimage1625681586261v1.png

    If you want to chat about this feel free to send me an email and we can talk over Teams.

    steven.chinsky@wipfli.com 

    Thanks,

    Steve

  • Suggested answer
    MS Dynamics NAV Profile Picture
    MS Dynamics NAV 55 on at
    RE: Different currency transactions

    Hi Marley,

    Please understand in this way. Every transaction of G/L Entry in NAV gets posted in LCY means local currency (which gets defines in General Leader Setup) and respective ledger entry table i.e. Cust. Ledger Entry or Vendor Ledger Entry gets post in currency code which is placed in transactions.

    Of course exch. rate has its own impact, which is different.

    Please find below an example

    1. Local currency and customer currency.

    pastedimage1625680801624v1.png

    2. Creating a cash receipt journal.

    pastedimage1625680860049v2.png 

    3. G/L Entry and Customer Ledger Entry with amount

    pastedimage1625680917706v3.png

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Different currency transactions

    You need to find how much 1 gbp is equal to your base currency i.e. euro. and put that in relational exch rate amount

  • marley milo Profile Picture
    marley milo 415 on at
    RE: Different currency transactions

    Also, if my base in Euro, should my exchange rate setup be currency GBP exchange rate amount 1, relational Exch. Rate Amount .85882, or should it be 1 and 1.17

  • marley milo Profile Picture
    marley milo 415 on at
    RE: Different currency transactions

    If I try to enter directly in the amount LCY field, this errors, I can only enter in the amount field and then this converts and populates the amount LCY

  • marley milo Profile Picture
    marley milo 415 on at
    RE: Different currency transactions

    Think i am confused, euro is my base currency, customer trades in gbp, when i enter a payment and I enter £100, this then converts this into LCY so only £85, thinking the £100 I entered is Euro, can I not enter this in GBP and it converts up so eg €115

  • Suggested answer
    MS Dynamics NAV Profile Picture
    MS Dynamics NAV 55 on at
    RE: Different currency transactions

    Try to use GBP as "Currency Code" in line and then check.

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Different currency transactions

    Marley,

    During posting, NAV will take the Customer/Vendor Currency and convert to the LCY (Local Currency). In your case, the Customer is GBP and your Local is EURO. I will so you this example in my Sandbox my Customer uses EUR and my LCY is USD. Here is the flow:

    1. Sales Invoice shows EUR. In my image I entered an Item as EUR 100.00. On the Statistics page you can see Sales ($).

    pastedimage1625591090519v3.png  pastedimage1625591357624v4.png

    When I post, you will see both the EUR and USD on the Customer Ledger Entries table.

    pastedimage1625591391213v5.png

    pastedimage1625591415660v6.png

    Hope this flow helps you see how NAV processes and posts.

    Thanks,

    Steve

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Different currency transactions

    It depends in which field you are putting the amount. You should try to do some transactions. You can use General Journal for practice. Select some foreign customer and then try to put values in Amount field and see what is shown in Amount LCY and vice virsa.

  • marley milo Profile Picture
    marley milo 415 on at
    RE: Different currency transactions

    OK, but when I enter an amount in GBP, because my base currency is Euro, this is the converting the amount I have entered again????

    For example I enter amount of £150, which NAV is then thinking is Euro, and converting this to £130(which is wrong)

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