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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Main account with mult...
Microsoft Dynamics AX (Archived)

Main account with multiple currency

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Posted on by Community Member

Hi,

Good Day!

In our charts of account we have account name BANK with account type of Balance Sheet, and this is being used of all our banks account as main account. Now the very confusing here is we have different currency of our bank accounts, we have EUR, USD, GBP and SAR(Saudi Riyal as accounting currency). 

 Is it correct to put all bank accounts with different currency in one main account, and how it works out with trial balance. 

Thanks

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  • Suggested answer
    Prashant Singh Profile Picture
    Prashant Singh 8,802 on at

    Yes, you can do this and system will post based on exchange rates. But better to have separate ledger account for all banks.

    If you associate multiple bank accounts with a main account, the General Ledger Bank Reconciliation report will contain information from multiple bank accounts.

  • Community Member Profile Picture
    Community Member on at

    But on trial balance all transactions of foreign currency account was converted based on the current exchange rate, and it will make big discrepancy because the exchange is  changing.  

  • Prashant Singh Profile Picture
    Prashant Singh 8,802 on at

    There is separate setup for this where you can find all this discrepancy in one ledger account. So you will find that in separate in your trial balance. If you will update exchange rate regularly the diff will not be more.

  • RamK Profile Picture
    RamK 2,580 on at

    I hope that you would have enabled "More Currencies" check box in bank form.  Rtechnet.microsoft.com/.../aa587660.aspxefer

  • Community Member Profile Picture
    Community Member on at

    Is there any setup the will get only the ending balance(closing balance) of foreign bank account and convert it into accounting currency?

  • RamK Profile Picture
    RamK 2,580 on at

    Hi Ysrael, I believe that your company currency is different from bank account currency.  Am I right....? In that case, if you have separate main account for each bank account, then you can easily achieve this.

  • André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 304,603 Super User 2026 Season 1 on at

    Hi Ysrael,

    It would be the decision of the company to have one or more main accounts. The most companies chooses for multiple main accounts. This is easier to reconcile, but also for currency revaluations.

    Note that the Russian and Polish localization has a pretty neat functionality for bank currency revaluations. It can calculate the difference and posts additional bank transactions to reflect the value change. This feature is limited to legal entities having Russia or Poland as Country/Region. It is possible to add your country to have this feature also available for your legal entities. At a customer having entities in multiple countries we removed the country/region restriction to have it available in all countries. This should be done as customization in the development environment.

  • Community Member Profile Picture
    Community Member on at

    Hi Andre,

    If will create now a new main accounts for each bank accounts(foreign currency) and set it, is it automatically recompute the Trial balance? Thanks

  • Verified answer
    André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 304,603 Super User 2026 Season 1 on at

    Hi Ysrael,

    If you create new main accounts and assign it to existing bank accounts, it will not automatically move the balances. You have to create journal entries to achieve this. The most neat solution is first post the current balances of the bank accounts to zero (park at a suspension account). Then change the main accounts and move the balances back to the bank accounts using a new journal.

    In this way AX will not "complain" during reconciliation reports when it compares the bank transactions and accounting entries.

    When you use journals to move the balances, the trial balance will get updated.

    Read also my next blog. It is explaining some parts on rebuild balances, but has also a background when balances are updated to have correct amounts on e.g. the trial balance: kaya-consulting.com/rebuild-balances-in-ax-2012-do-you-have-a-minute-or-more

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