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How to set up a company in Multicurrency Management in Microsoft Dynamics GP

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This article describes how to set up a company in Multicurrency Management in Microsoft Dynamics GP.

Applies to:   Microsoft Dynamics GP
Original KB number:   858730

Set up default Multicurrency Setup information in the Multicurrency Setup window

  1. Open the Multicurrency Setup window. To do it, follow the appropriate step:

    • Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then select Multicurrency.

  2. In the Functional Currency list, select the currency that you want to use.

    Note

    You can't change the functional currency after transactions have been posted against the selected functional currency.

  3. In the Reporting Currency list, select the currency that you want to use.

Set up Multicurrency Rate Types in the Multicurrency Rate Types window

  1. Open the Multicurrency Setup window. To do it, follow the appropriate step:

    • Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then select Rate Types.

  2. In the Multicurrency Rate Types window, follow these steps:

    1. Determine which rate types are associated with each currency's exchange rate table.
    2. Note different exchange rates on the same exchange rate table for different purposes, such as for buying and for selling.

  3. Set up your default Multicurrency Posting Accounts in the following order:

    • Rate Type

      1. Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then select Rate Types.
      2. Select your Exchange Table ID, and then select the Accounts button.
      3. Assign your default posting accounts.

    • Currency ID

      1. Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to System, and then select Currency.

      2. Select your Currency ID, and then select the Accounts button.

      3. Assign your default posting accounts.

    • Posting Accounts Setup

      1. Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Posting, and then select Posting.
      2. Assign your default posting accounts.

    After you set up the accounts, the accounts are searched in the same order in which you set them up.

Assign currency access to your GL accounts

Use one of the following methods.

Method 1: Use the Select Account Currencies window

  1. On the Cards menu, point to Financial, and then select Account.
  2. Select Currency.
  3. Assign currency for your GL accounts.

Method 2: Use the Multicurrency Mass Account Update window

  1. On the Cards menu, point to Financial, and then select Currency Account Update.
  2. Assign currency access to your GL accounts.

Method 3: Use the Multicurrency Account History window to enter historical multicurrency information for your GL accounts

  1. On the Cards menu, point to Financial, and then select Currency Account History.

  2. Use the Multicurrency Account History window to enter historical multicurrency information for accounts.

Enter a default Currency ID for your customers

Use one of the following methods.

Method 1

If you use Customer Classes in the Sales series, enter a default Currency ID at the customer class level. Then, roll this Currency ID down to each of your customers who is assigned to this customer class. To do it, follow these steps:

  1. Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Sales, and then select Customer Class.

  2. In the Class ID box, select your class ID, select the Default check box, and then select Save.

    Note

    After you assign a currency ID, you receive the following message when you select Save: Do you want to roll down changes to customers in this class?

    If you select No, the currency ID won't be saved to existing customers. But the currency ID will be saved for future customer records that are assigned to the Customer Class. If you select Yes, the currency ID will be saved and then rolled down to all existing customers who are assigned to this Customer Class.

Method 2

Assign a default Currency ID to your customers in the Sales series. To do it, follow these steps:

  1. On the Cards menu, point to Sales, and then select Customer.
  2. In the Customer ID box, select the customer ID, and then select Options.
  3. In the Currency ID box, select a currency ID, select OK, and then select Save.

Enter a default Currency ID for your vendors

Use one of the following methods.

Method 1: Enter a default Currency ID

If you use Vendor Classes in the Purchasing series, enter a default Currency ID at the vendor class level. Then, roll this Currency ID down to each of your vendors that is assigned to this vendor class. To do it, follow these steps:

  1. Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Purchasing, and then select Vendor Class.

  2. In the Class ID box, select your class ID, select the Default check box, and then select Save.

    Note

    After you assign a currency ID, you receive the following message when you select Save: Do you want to roll down changes to vendors in this class?

    If you select No, the currency ID won't be saved to existing vendors. But the currency ID will be saved for future vendor records that are assigned to the Vendor Class. If you select Yes, the currency ID will be saved and then rolled down to all existing vendors that are assigned to the Vendor Class.

Method 2: Assign a default currency ID to your vendors

Assign a default currency ID to your vendors in the Purchasing series. To do it, follow these steps:

  1. On the Cards menu, point to Purchasing, and then select Vendor.
  2. In the Vendor ID box, select a vendor ID, and then select Options.
  3. In the Currency ID box, select a currency ID, select OK, and then select Save.