GL multiple currencies

arielcebreiro

Hi All,
We have a request to create a new company. As an alternative solution, we are thinking about configuring our current Nav 4.0 to include new company operations. The problems is that in GL Entry, there is no place to put currency code, as GL has to mantain the general ledger in two currencies. Is this possible? Does anyone know if there is another option? For instance, to use Responsibility Center or Business Unit to identify transactions from different countries?

Thanks in advance!

kapil4dynamics

If only identification is the purpose u can use Reason Code or any shortcut dimension.

kine

All depends on details. You want to use this currency, you are talking about, as LOCAL CURRENCY? If yes, there is only shortcut to name this currency in G/L Setup. If you set correctly foreign currency factors, all is done.

If you want to have G/L entries in TWO currencies, local currency and another one, e.g. for reporting, there is tab with name Reporting on the G/L setup. But more about this option should tell you some consultant.

jannestig

AS kine said there is the GL reporting currency Which will show you the value of the entry in another selected currency.

EG you operate in the EURO but your parent company is a US dollar operating entity that desires to see your ledger is US currency.

Each entry in the GL will have it US dollar value shown in the additional reporting currency field.

This values can either remain static or can be updated to reflect FX rate adjust ments when you run update FX batch job (its a tick box to do this or not)

You said right at the stat you had a request to create a new company, First of all if it is a new company you will have to create a new company instead of merging 2 companies into one.
GO to the client and find out if it is a new legal company or merely a new operating centre within the same company, I suspect it will be a new one espically if they have a different currency.

arielcebreiro

Thanks for answering. We are in the middle of the investigation of possible alternatives. One is to create a separate Company, another one y try to merge both Canadian and US companies in the same entity (company). The second one is quite complex, as GL Entry does not support transactions in different currencies.

jannestig

Also you would have to setup 2 tax systems as well would you not both the canadian and US which have different types if i remember.

So the the second one should probably be written off due to development costs if nothing else

David_Singleton

One legal entity should be one company in Navision. Create a second company.