Multi-Currency GL Accounts

Problem Details:

Need to have some GL accounts use USD and CAD currencies.



The steps to turning on multi-currency in GL are as follows:

  1. Company Profile / Options, on the Options tab, turn on the multi-currency option.  Once this option is turned on, it cannot be turned off.  Set the default rate type and the Gain/Loss Accounting Method. 
  2. Multi-currency then needs to be turned on in each module where it is needed.  In GL Setup / Options, on the Accounts page, turn on the Multi-currency option and set the default rate type.  Again, once this is turned on, it cannot be turned off.
  3. In GL Setup / Revaluation Codes, add at least one revaluation code.
  4. In GL Accounts, Accounts, open the account number where multiple currencies are necessary.  On the Detail tab, select the multi-currency option.  This will create a new tab called Currency.
  5. On the Currency tab, set the default currency of the account. Journal entries use this default currency when transactions are entered for the account, but the currency can be changed during data entry.   If only specific currencies will be accepted in this account, choose the option for 'specified currencies' and list the accepted currencies in the grid below.  If the ability to post in any currencies is necessary, select the option for 'All Currencies'.
  6. If specified currencies is selected, enter the revaluation information for each currency.  Note that even if revaluation is set to 'no' on this screen, the account can still be revalued by 'forcing' the revaluation in the Create Revaluation Batch function in the periodic processing screen.
  7. Foreign exchange rates are maintained in Common Services / Currency / Currency rates.  The fx values from these tables will populate the journal entries automatically, however, they can be over-written at the time of data entry.

Multi-currency does not need to be turned on for all GL accounts.  It can be used only for those accounts where it is really needed.  However, once turned on, it is not necessary to use the function, if it becomes no longer needed.



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