Currency setup

arindam

Hi,

How to set a Base,Functional and Reporting Currency for a Company ?

Thanks,
Arindam

rajpatelbca

according to me, in currency setup

1. local currency. ->which doesnot require to setup any setup
2. additional reporting currency. -> you can specify it in general ledger setup.
Additional reporting currency.

arindam

Thanks for your reply.

You mean to say if I select Cronus USA then the functional currency will be USD. If I select Canada then the functional currency will be CAD ?

rajpatelbca

yes that is call LCY Currency which is not require any setup and if in case if you want to maintain your account with another additional currency then it is also possible with additional reporting currency.

arindam

Thank you very much.

arindam

What in case of creation of new company ? If I create a new company then there will not be any data with that. That time which currency will be the functional currency ?

rajpatelbca

For example, if in care you are creating a company in database having indian localization. then what will your local currency? RS. right. so you need not enter any currency name rs. in currency table.

if you want to know database LCY code then you can see or set it in general ledger setup. but its is for informational purpose this is not used anywhere else in coding.