Multicurrency - Loading begining balances.

Sapphire123

Hi All,

How do I enter the beginning balances when I need them to be in both a local currency and additional reporting currency; and there is no constant exchange rate?

Any suggestion will help! [-o<

Captain_DX4

Does your existing platform allow you to revalue your balances to the current exchange rate? If you can, do that before you bring them over and then you can bring them in using the current exchange rate. Of course you'll have exchange adjustments to bring over too.

Sapphire123

Thank you .. I'll try this out.

Btw, I'm trying to get more information about Multicurrency. Except for the Finacial II book - I cant find anything else. Please let me know if you have other sources to reference. Many thanks!!

Captain_DX4

*rotfl* I'm just a developer, so when people ask me more "accounting" based questions I get twitchy. That said, I know how the multicurrency works in broad terms from my experiences, so ask and I'll do my best to answer.

Sapphire123

thanks

I'm working on this for a client ... and they said they can not revalue their balances before importing.. does not have this information.

They want ot load their beginning balance in LCY and Additional Reporting Currency, where the balance is a cumulative balance, consisting of amounts from more than one exchange rates; therefore, i can not use NAV's exchagne rate table when posting.

The General Ledger Journal form only has 'amount' - therefore, you can enter value in either LCY or antoher currency code - and navsion uses its adjust exchage rate values to post the other currency value.

The ideal entry would be if this user can enter a beginning balance in LCY and Addition reporting currency for each account. How do you do this without inserting records directly into the GL Entries table?

:-k any other suggestons?

Captain_DX4

Okay. I did some checking and it looks like you can enter your balances into a Journal (General, Sales, Cash Receipt, Purchase, etc.) as you describe.

You will need to update the form to show the [Amount (LCY)] field. As a user enters an amount in [Amount], you can see the [Amount (LCY)] get updated based on the standard exchange rate. If you overtype the [Amount (LCY)] with a new amount value, the system will keep it and just makes an adjustment to a background field [Currency Factor]. This should allow you to bring in all these balances the way the customer wishes.

Now, once these are in, there are standard NAV functions that can update posted balances over time. I'm not sure what those are and how they work, but I know they exist. Might be good to review that help documentation and share with the client.

Cheers,

Sapphire123

Hi,

Thanks for suggestion - but, the thing is.. the user does not what to use the exchange rate in NAV wehn loading beginning balances. And, as far as I know - you can enter amount in ether LCY or ARC (Addisional Reporting Currency) but, NAV will always convert one currency value into the other, according to the current exchange rate. (LCY to ARC or ARC to LCY)

The question is.... how do you enter an amount in both LCY and ARC wihtout using NAV's exchange rate functionality?

Thanks again..!

AdamRoue

Essentially you can, I am sure, get developers to break the ACY/LCY link, but I would not advise it. I would advise you run an exchange revaluation in your current system and use the revalued rate and entries as the opening position for NAV for reconciliation. If your current system cannot do this I would suggest you reconcile based upon the differences and note for the auditors the starting position differences. But I would start by talking to the accountant and asking them what they want to do, and of course why.

Sapphire123

Yes, I was also thinking in the direction of a mod.. but, not sure how much of a mess that may become... :-k

In the meanwhile - thank you all for your help.