What is Euro Currency Relationships used for? If you are setting up only the euro as a foreign currency for transactions, is the Euro Currency Rels. necessary?
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Hi Catherine - No, the Euro Currency relationships are not necessary. This functionality allows for the conversion of your functional currency to Euro - if you ever need to convert. This will only happen again if your functional currency joins the Euro in the future. So if you are denominated in say Danish Krone....and Denmark joins the Euro...you would need this functionality then.
Historically, this functionality was used when the Euro currency came into being. At that time there were for example companies operating in Ireland denominated in the Irish Punt currency. When Ireland joined the Euro - these companies needed to convert their systems to Euro at a fixed rate. They would have had transactions with originating currencies in GBP, French Franc etc...and all of these transactions also needed to be updated with a triangulation to Euro. This is what this functionality does.
If you are setting up Euro as a foreign currency (or Originating Currency in GP terms) - then all you need is an FX table to track the rates between your functional currency (USD?) and Euro.
Best regards,
Ian.
Great, thank you so much. One last question to confirm. So if I needed to set up, say the euro AND Swiss francs as two foreign currencies, this would not apply to Euro Rels. since they are treated as two separate foreign currencies? So I would not set up this window. Switzerland isn't merging/converting their currency, francs, to the Euro.
Hi Catherine.
Thats correct. CHF is just another foreign/originating currency to you, just like Euros etc.
You don't need to worry about this window (or any of the related Euro Converson functionality)....until (for example) Switzerland decided to join the Euro!!
Great, thanks so much for the clarifications!
Hello.
This information is helpful thank you.
I have two questions related to this functionality/string:
1. Should the Euro Relationships still work in GP2010, SP3? I don't see any mention of versioning in this post, but I have seen some posts on both Microsoft and non-Microsoft boards saying that this functionality does NOT work in GP2010, but will in GP2013. That said, I successfully tested this in my GP2010 install and it appears to work fine. I am just leery about implementing this with a client when there is some question about whether it does or does not work.
2. Even though it was created for the Euro and named 'Euro Relationships,' this conceivably could be done with any non-functional currencies, correct? For example, say my functional currency is USD, my payables invoice is in British Pounds, and the check I received is in Australian Dollars. Assuming the proper relationships are set up between the three currencies, this should work right?
Thank you for your input.
By 'this should work,' I am referring to be able to apply the check in AUD to the invoice in GBP. Thanks.
Hello!
Does this feature only works for Sales Documents? Will it not work for Payables Invoice?
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